Lower Precious-Metal Prices Trim Johnson Matthey's Earnings Growth

Johnson Matthey has released a management statement saying that in the fiscal first quarter that began on April 1, 2012, the company's sales, excluding precious metals, increased 6% year-over-year, to £657 million ($1.02 billion), and that total "underlying profit before tax" increased almost 2%, to £99.9 million. Higher group profits were in spite of a substantial reduction in the company's precious-metal products business's operating profit, which was impacted by lower precious-metal prices, Johnson Matthey says. The company's...

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