Business News
AkzoNobel performs slightly better in second quarter
Jul 29, 2009, 7:31 GMT
Amsterdam - AkzoNobel performed slightly better in the second quarter than during the first three months of this year, the chemicals manufacturer said in its quarterly report released on Wednesday.
Nevertheless, the Amsterdam-based company reported a revenue decline of 10 percent to 3.7 billion euros (5.26 billion dollars).
This is less than 4.09 billion euros in the same period in 2008, but better than the 3.27 billion euros reported for the first three months of this year.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the second quarter stood at 527 million euros, 9 percent lower than last year.
Net income amounted to 155 million euros, 13 per cent less than in 2008 but substantially better than the 88 million predicted by analysts.
In the first quarter of 2009, AkzoNobel still suffered a 7-million-euros loss.
Among Akzo Nobel's various divisions, net sales of Decorative Paints dropped (down 5 per cent), slightly better than in the beginning of this year (down 11 per cent).
Net sales of its Performance Coatings division dropped 14 per cent.
CEO Hans Wijers said he saw a gradual stabilization of the market, although, he added, levels were 'significantly lower than 2008. With the exception of some emerging markets, we see little significant recovery of growth.'
Wijers added 'forward visibility still remains limited due to continuing economic uncertainty'.
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