Sims expects 1HFY19 earnings around $110m

Company News

by Anna Napoli

Scrap metal recycling company, Sims Metal Management (ASX:SIM) expects first half FY19 underlying EBIT of about $110 million.

The company's first quarter result was at the upper end of its guidance range between $58 and $63 million.

CEO and MD, Alistair Field says the first half has been challenging for all recycling companies globally and will continue to be so for the near future.

In an announcement to the ASX in November last year the company said it expected ferrous volumes for the full year 19 to exceed the prior year.

Shares in Sims Metal Management (ASX:SIM) closed 4.99 per cent higher at $10.9

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.