After a net loss in the hundreds of millions in the previous year, Sims Metal Management reported today net post-tax earnings of AUD203.6m (ca. €137m) for its fiscal year 2017 ended 30 June. The international metals recycling group closed the year before with a net loss of AUD216.5m.
All divisions of the company improved their underlying earnings, both the historical metals recycling operations in North America, Australia and New Zealand, and the UK, and the group's global e-recycling and IT asset management activities.
Sims Metal Management’s annual revenue grew 9 per cent to AUD5.079bn (€3.412bn) on the back of increased sales volumes, but primarily due to higher prices. The group notes that since the beginning of its current fiscal year at the start of July, ferrous scrap prices have increased further, climbing by about 15 per cent.