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Sims shares hit by more bad news

The world’s biggest metal and electronics recycler has announced a full year loss of AU$521m (£348m).

Shares in Australian multinational Sims Metal Management dropped 9.33% to AU$8.55 in Wednesday morning trading on the Australian Securities Exchange (ASX).  

The firm blamed difficult operating conditions, particularly in North America.

The company said it expected underlying earnings before interest, tax, depreciation, and amortisation before significant items to be AU$253m for the year to 30 June 2012.

Statutory net loss after tax is expected to be around AU$521m after AU$594m of non-cash goodwill (after tax) impairments recorded in the first half result. Net debt as of June 2012 was around AU$293m, around 11% of total capital.

Sims reported scrap intakes and shipments for the year were each around 14.4million tonnes.

The announcement in a market update to the ASX came after a profit warning in May caused shares in the firm to tumble 6%.

In February Sims reported a first half loss of AU$556.5m. The dual-listed company will report its full year results on 23 August.  

Sims has 42 sites in the UK, operates in more than 260 locations globally and employs more than 6,300 people.

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