The world''s biggest recycler of scrap metal, Sims Group Limited Group chief executive, Jeremy Sutcliffe, today announced a net profit after tax for the half year ended 31 December 2007 of $102.2 million.

Sales revenue increased 4% to $2.73 billion on the first half of the 2007 financial year. Earnings before interest, tax, depreciation and amortization were 3.6% lower at $211.3 million from the year ago. Net profit after tax was lower at 9.5% from a year ago to $102.2 million and earnings per share declined 10.5% to 81.1 cents.

Sales in tonnage declined 0.7% to 4.7 million tons from a year ago.

North American revenues, 52% of total revenues, rose 12.6% in the first half of fiscal 2008 but in Australian dollar were flat. European revenue, 28% of total revenues, rose 15.6% from a year ago but rose 7% in Australian dollars.

Sutcliffe was upbeat that earnings for this quarter could surpass those for the first two quarters after a surge in scrap metal prices. Sims fell 0.3%.

Takeovers Panel rule on Zinifex offer

The Takeovers Panel today ruled that Allegiance shareholders who accepted Zinifex''s $1 per share offer after 5.00 pm Melbourne time but before 7.30 pm on February 8, 2008 have a right to apply to Zinifex to cancel their acceptance of the offer, as published in a letter dated Feb 22, 2008 on the website of Allegiance.

This was after the Panel had made a declaration of unacceptable circumstances and final orders regarding Zinifex Ltd''s $745 million hostile takeover bid for nickel miner Allegiance Mining NL.

The Takeovers Panel ordered Zinifex to halt the processing of acceptances last week, after Allegiance claimed that some of its shareholders including 5% shareholder Lion Selection Group Ltd – had accepted the offer, wrongly believing it was about to close or had already closed.

Zinifex''s original offer was scheduled to close at 1900 AEDT on February 8th, but 30 minutes later, Zinifex''s announcement that it had extended its $1 per share offer for the two more weeks as reported on the filing on the Australian stock exchange website.

The Takeover Panels said Zinifex''s letter advising shareholders that the offer had been extended was collected by Australia Post at about 1700 AEDT on February 8.

Zinifex shares gained 7.3%.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 187.82 or 1.37% to 13,500.46, in Hong Kong Hang Seng index decreased 317.96 or 1.35% closed to 23,305.04. Australia ASX 200 index decreased 23.50 or 0.42% to close 5,559.90.

In South Korea Kospi Index decreased 17.91 or 1.05% to close at 1,686.45, in Thailand SET index closed lower 0.27 or 0.03% to 826.86 and Indonesia JSE Index edged increased 6.97 or 0.25% to 2,741.18. Sensex index in India decreased 385.61 or 2.17% to 17,349.07.