Sims Limited announced 1HFY23 Results; Reports drop in net profit

Sims Limited (ASX: SGM) reported an underlying EBIT of AU$93.3 million in HY23, which was 74.2% lower than in HY22. Statutory EBIT for HY23 was AU$163.4 million, a 52.1% decline from HY22. Sales revenue was AU$3,831.2 million, down 10.2% from the previous corresponding period. This decrease was partly compensated by a 1.4% gain in proprietary sales volumes. The metal trading margin fell by 12.0%, demonstrating difficult market circumstances in all markets.

In HY23, the company's statutory NPAT was AU$101.0 million, compared to AU$253.2 million in HY22. In HY23, the underlying NPAT was AU$53.0 million, compared to AU$269.3 million in HY22. Cash flow from operating activities which was AU$290.8 million in HY22 increased to AU$322.0 million in HY23 due to a release of working capital.

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