Sims Metal Management Limited's revenue fell nearly 39 per cent to $3.4 billion on a year-on-year basis for the first six months ended on December 31, 2009. The company posted a net profit of $39.9 million for the period. Sims blamed decline in average selling price and shipments for the fall in revenue.

Disclosing diluted earnings of 21.2 cents a share the company announced 10 cents per share interim dividend. EBITDA of the company slipped 46 per cent to $136 million for the period.

"Margins on ferrous metals were tighter attributable to intense competition for raw materials," Sims CEO Daniel W. Dienst said in a statement disclosing that scrap flows constrained during the period due to fall in consumer spending and manufacturing in North America and the UK.

While revenues declined 47 per cent to $2.2 billion in North America, it dropped 13 per cent in Australasia and 15 per cent in Europe.

However, the company showed its confidence that it is strategically well poised to show a sustainable growth as the world economy heads for a recovery. But the company did not provide a clear outlook for the next period.