Sims Metals swings to H1 profit

Group says exit of Toyota, General Motors provides opportunity for investment.

Sims Metal Management (SGM) says the flow-on effects of the exit of General Motors and Toyota from the Australian manufacturing industry will provide it with an opportunity for greater investment after swinging back to a first-half profit.

In the six months to December 31, Sims posted a net profit of $9.3 million, a 103%per cent lift on $296.1 million loss the recorded in the previous corresponding period.

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