Sims Ltd. (SMSMY,SGM.AX), an Australian metal and electronics recycling firm, reported Tuesday a loss in its first half, compared to prior year's profit, despite increased sales.
In the first half, the company recorded net loss attributable to members of A$29.9 million, compared to profit of A$30.8 million a year ago. Loss per share was 15.5 cents, compared to profit of 15.8 cents last year.
Underlying net profit was A$60.0 million or 30.7 cents per share, compared to A$35.1 million or 18.0 cents per share in the prior year.
Earnings before interest, tax, depreciation and amortisation or EBITDA fell 26.2 percent year-over-year to A$143.8 m,illion, while underlying EBITDA grew 24 percent from last year to A$249.8 million.
The latest reported results included A$41.1 million in unrealised losses on derivative contracts as at the reporting date, together with a further A$60 million expected credit loss on the residual receivable from Unimetals in the UK.
Sales revenue from continuing operations grew 3.7% to A$3.78 billion from last year's A$3.65 billion.
Further, the Board determined an interim dividend of 14 cents per share. The dividend will be payable on March 18 to shareholders on the Company's register at the record date of March 4.
In Australia, Sims shares traded 5.6 percent lower at A$20.09.
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