Akzo Nobel 2Q Net Profit Falls 10%; Sees Slower Raw Material Inflation
July 18 2018 - 2:05AM
Dow Jones News
By Ian Walker
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 ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
July 18, 2018 01:50 ET (05:50 GMT)
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