UK's Johnson Matthey H1 pre-tax profit down 6%; sales down 17%

21 November 2012 08:13  [Source: ICIS news]

SINGAPORE (ICIS)--Johnson Matthey’s underlying profit before tax slipped by 6% year on year to £191.2m ($303.5m, €236.7m) in the six months to 30 September this year, weighed by the fall in average precious metal prices, the UK-based specialty chemicals firm said on Wednesday.

The company’s sales for the period fell by 17% year on year to £4.89bn, while its pre-tax profit was down by 6% at £183.4m, the company said in a statement.

“Against a difficult market environment, particularly the impact of lower average precious metal prices, Johnson Matthey delivered growth in operating profit from Environmental Technologies and Fine Chemicals, although this was more than offset by the weaker performance of Precious Metal Products,” said Neil Carson, chairman of Johnson Matthey.

“Whilst precious metal prices have improved from their lows during the summer, largely due to the labour unrest in South Africa, the outlook in some of our other markets has weakened and visibility remains limited,” he said.

The company’s performance in the second half is expected to be similar to the first half of the year, Carson added.  

Johnson Matthey’s fiscal first quarter began on 1 April.

($1 = £0.63, $1 = €0.78)

By: Nurluqman Suratman

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