LONDON, July 25 (Reuters) - Catalyst maker Johnson Matthey said profit rose 8 percent in the first quarter of its financial year, boosted by stronger sales of catalysts for trucks, particularly in Europe ahead of new environmental regulations.
The group said underlying profit before tax came in at 106 million pounds ($162.8 million) in the three months, at the higher end of analyst expectations. Sales rose 13 percent to 745 million pounds, again stronger than forecast.
Johnson Matthey, the world's largest maker of catalysts that control vehicle emissions, has been hit by the impact of weaker metals prices on its division that refines, markets and distributes platinum - used in catalytic converters - and other precious metals.
But that has been offset by progress in the division that makes catalysts for cars, trucks and the chemicals industry. Its Emission Control Technologies division saw sales up 9 percent, with heavy duty diesel catalyst sales up 15 percent.
In a statement ahead of its annual shareholder meeting, Johnson Matthey said it expected a slightly weaker performance in the second quarter, due to summer shutdowns in the auto industry, but maintained guidance for the full year.