Akzo Nobel posts 18% drop in Q2 net income

29 July 2008 06:55  [Source: ICIS news]

MUMBAI (ICIS news)--Akzo Nobel posted an 18% year-on-year drop in its second-quarter net income to €184m ($292.06m) amid weakening economic conditions, the Netherlands-based coatings and chemicals group said on Tuesday.

"Akzo Nobel showed a resilient performance to the changing world economy in the first half of the year," said Keith Nichols, the company’s chief financial officer, in a statement.

For the quarter, the company’s revenue was up 9% to €4.14bn, whereas its earnings before interest and tax (EBIT) fell 3% to €418m, the company added.

"For the remainder of the year, we anticipate weaker economic conditions in some of our mature markets and raw material and energy price increases show no signs of easing," he said.

“Based on our latest forecast, we do not expect our reported 2008 EBITDA [earnings before interest tax depriciation and amortization] before incidentals to match the 2007 pro forma level of €1.87bn, although we expect to be close in constant currencies," he added.

($1 = €0.63)

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By: Isha Jha
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