Sims Metal Management Ltd
(ASX:SGM) has reported its underlying NPAT fell 62.6% to $38 million in FY16.
In addition, its sales revenue fell 26.3% to $4.65 billion – due to lower prices and sales volumes for metals.
The metals and electronics recycling company is targeting a return on capital target of 10% or higher in FY18, despite market conditions – particularly the overcapacity of steel production in China.
The company will pay a fully-franked final dividend of 12 cents per share, which will be paid to shareholders in October.
