Akzo Nobel net profit slips 10% as revenue falls
Dutch paint company Akzo Nobel NV (AKZA.AE) Wednesday reported a 10% fall in second-quarter net profit, and said it expects raw material inflation to continue for the rest of the year, but at a slower rate than the first half.
For the quarter ended June 30 the company, which houses the Dulux, Polycell and Cuprinol brands among its portfolio, made a net profit of 271 million euros ($315.3 million) compared with EUR301 million a year earlier. Net profit includes discontinued operations of EUR164 million, compared with EUR134 million a year earlier.
Revenue fell to EUR2.45 billion from EUR2.53 billion a year earlier. This compares with consensus guidance of EUR2.48 billion taken from the company’s website and based on 10 analysts forecasts.
The company said it expects positive developments for decorative paints and performance coatings, but market conditions in marine and protective coatings remain challenging.
Write to Ian Walker at [email protected]; @IanWalk40289749
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