AkzoNobel Q3 net profit jumps 21% on strong sales

21 October 2010 06:27  [Source: ICIS news]

SINGAPORE (ICIS)--Dutch chemicals producer AkzoNobel reported on Thursday a 21% year-on-year jump in net profit to €238m ($331m) on the back of a 13% increase in sales.

Sales for the September quarter increased to €3.87bn from €3.43bn in the same period last year, the company said in a statement.

Earnings before interests, taxes, depreciation and amortisations (EBITDA) were up 9% to €574m, it added.

“Although there is reason for caution in mature markets, we are confident that we are in good shape to benefit from our geographic spread and leading positions,” said AkzoNobel CEO Hans Wijers.

In the first nine months of the year, AkzoNobel had 72% year-on-year surge in net profit to €592m as revenues increased 11% to €11.02bn, the company said.

EBITDA for the January-to-September period grew 20% to €1.59bn, it said.

The company said it views the rest of 2010 with “cautious optimism”, citing continued softness in the construction and housing markets.

($1 = €0.72)

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By: Pearl Bantillo
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