Sims Metal Management (SMS) 1st-Half Revenues Decline 25%, Will Not Pay Dividend

February 22, 2013 6:48 AM EST
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After the close, Sims Metal Management Ltd. ADS (NYSE: SMS) reported dismal fiscal half yearly results. The company announced revenue of $3.4 billion and a net loss after tax, on a statutory basis, of $295.5 million, representing a loss of 144.5 cents per diluted share, for the half year ended December 31, 2012. Net profit after tax (NPAT) in the first half of Fiscal 2013, on an underlying basis, was $10 million.

Revenue declined 25% to $3.4 billion during the first half of Fiscal 2013, primarily due to a reduction of intake and shipments in North America. Underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) were $94 million, a decrease of 33% on the prior corresponding period.

On the dividend, the company said in the absence of statutory NPAT, even after looking through goodwill impairment, the Company has determined not to pay a dividend for the first half Fiscal 2013 period. The Company's dividend policy remains unchanged.

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