19 July 2012 07:22 [Source: ICIS news]
SINGAPORE (ICIS)--AkzoNobel posted a 25% year-on-year decline in its second-quarter net profit to €201m ($245m), despite higher revenues, partly due to higher incidental charges, the Dutch chemicals producer said on Thursday.
The company’s total revenues rose by 8% year on year to €4.41bn in the second quarter, mainly driven by pricing actions to offset higher raw material costs and currency effects, it said in a statement.
Its interest, tax, depreciation and amortisation (EBITDA) was also up by 8% year on year at €593m in the second quarter, the firm said.
“AkzoNobel continued to see inflation in the overall raw materials portfolio, although less than last year,” the company said, adding that the main driver of input cost inflation was titanium dioxide (TiO2).
For the first six months of 2012, the company’s net profit fell by 31% year on year to €272m, while revenue was up by 6.6% at €8.38bn.
Looking ahead, the firm said that the global economic environment remains its “principal sensitivity”.
“The concerns are focussed on the risk of recession in Europe, delayed recovery of the ?xml:namespace>
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