Sydney based Sims Metal Management Ltd has increased full year profit by 51.6%, with the metal recycling company saying it is pleased with the result in the face of uncertain global economic conditions.

Net profit rose to AUD 192.1 million for the 12 months to June 30 from AUD 126.7 million a year earlier.

Revenue increased by 18.7% to AUD 8.85 billion.

Mr Daniel Dienst CEO said “The combination of improved intake and shipments along with improved pricing and gross margins allowed us to increase NPAT (net profit after tax) by AUD 65 million, or 52% over the prior corresponding period.”

(Sourced from AAP)