20 February 2013 06:59 [Source: ICIS news]
SINGAPORE (ICIS)--AkzoNobel’s net loss narrowed to €59m ($79m) in the fourth quarter of 2012 from €68m in the same period a year earlier, partly buoyed by higher earnings at its performance coatings business, the Netherlands-headquartered chemicals major said on Wednesday.
The company’s sales was up by 3% year on year at €3.67bn in October-December 2012, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 3% to €363m, it said in a statement.
EBITDA at the performance coatings unit rose by 35% year on year to 190m in the fourth quarter of 2012, while those of the decorative paints and specialty chemicals businesses fell by 23% and 17%, respectively.
For the full year of 2012, the company swung to a net loss of €2.17bn, compared with a net profit of €477m in 2011, weighed by an impairment charge of €2.11bn in the third quarter related to its decorative paints business.
Its sales were up by 5% year on year at €15.4bn in 2012, while EBITDA rose by 4% to 1.9bn.
"The economic environment remains challenging and we expect no fundamental changes in the trends that we have seen recently in our businesses,” said CEO Ton Buchner.
($1 = €0.75)
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