Sims Metal Management Ltd
(ASX:SGM) is expecting a 74 per cent net profit increase for the first nine months of the 2010-2011 financial year.
The metal recycler says it expects net profit results of $123 million, on top of sales revenue of $6.2 billion for the same period.
The company’s group CEO, Daniel Dienst, said the result reflected a "stronger contribution from our North American metals business during the third fiscal quarter and continued strength from Australasia and Europe."
He also said stronger contribution from North American metals business during the third fiscal quarter contributed, and scrap intake was strong in the company’s third quarter, especially when considered in a seasonal context with evidence of North American growth.
In the first six months of the 2011 financial year Sims Metal Management recorded a net profit of $49.3 million.
