Sims Group sees Q4 profit ahead of Q3

SYDNEY, May 8 (Reuters) - Sims Group Ltd (SGM.AX: Quote, Profile, Research), the world's No. 1 scrap recycling firm, said on Thursday its fourth-quarter profit is likely to exceed that of the third quarter following its takeover of U.S. firm Metal Management.

Sims reported an unaudited net profit of A$80.3 million ($75.7 million) for the third quarter, up 62 percent. It said the company had seen strong prices for scrap metals worldwide. That offset the effect on earnings of a strong Australian dollar. Because of a full contribution from Metal Management, as well as continued firm prices, fourth-quarter earnings are likely to exceed the third quarter, it said. (Reporting by Jonathan Standing)