18 April 2013 08:56 [Source: ICIS news]
SINGAPORE (ICIS)--AkzoNobel posted a 6% year-on-year increase in its first quarter net profit to €89m ($116m) despite weak demand in Europe, the Netherlands-headquartered chemicals major said on Thursday.
Revenue fell by 7% year on year to €3.47bn while operating income fell by 8% to €217m because of weaker end markets and production issues in the specialty chemicals value chain, the company said in a statement.
Its interest, tax, depreciation and amortisation (EBITDA) was also down by 9% year on year at €375m in the first quarter, AkzoNobel said.
"The economic environment remains challenging and we do not expect an early improvement in the trends that we see in our businesses. The acceleration of our performance improvement programme and the strategic priorities announced in February are the right focus to have in these markets,” said Keith Nichols, CFO, AkzoNobel.
($1 = €0.77)
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