The international scrap recycling group Sims Metal Management closed the first half of its 2011/12 financial year with a three-digit net loss caused by goodwill impairment charges of AUD 614 million (ca. € 500 million), arising mainly within the group’s North American activities. Publishing its half-year report on Friday, Sims Metal Management reported that the underlying net profit after tax for the six-month period ended 31 December 2011 increased 7 per cent to AUD 46m. Including the charges, the net result is a loss of AUD 557 million. The group’s sales had increased 16 per cent to AUD 4584 million in the reporting period.
Sims Metal Management posts loss following goodwill charges
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