Australia-based Sims Ltd., which has metal and electronic scrap recycling operations in that nation, North America and Europe, has reported a 480 percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half of its 2021 fiscal year, which covers the second half of the 2020 calendar year.
The company’s increased profits compared with its first half of its 2020 fiscal year (the second half of 2019) occurred despite a nearly 10 percent decline in sales revenue. Sims Ltd. attributes “COVID-19 impacts” for volume levels in the second half of 2020 it describes as being “at 85 percent of average fiscal year 2019 monthly volumes.”
In the July to December 2020 time frame, Sims Ltd. posted EBITDA of $177.1 million, rising 480 percent from the $30.5 million in profits in the second half of 2019. The profitability occurred despite a 9.5 percent year-to-year decline in sales revenue.
