Finland's Tikkurila Q2 net profit up 3.7% on lower expenses, taxes

25 July 2013 07:38  [Source: ICIS news]

SINGAPORE (ICIS)--Tikkurila’s net profit rose by 3.7% year on year to €23.9m ($31.4m) in the second quarter of this year on the back of lower financial expenses and corporate income taxes, the Finland-based firm said on Thursday.

Its revenue slipped by 0.4% year on year to €208.3m in the second quarter of this year, while operating profit was up by 0.5% at €33.3m, the company said in a statement.

On a year-on-year basis, Tikkurila’s net profit rose by 35% to €30.5m in the first six months of this year, while revenue was down by 3.1% at €346.7m.

“Economic development in Europe is expected to be weak in 2013,” Tikkurila said.

“The overall uncertainty and increasing unemployment are expected to have a negative impact on consumers' willingness to purchase [goods] and on the demand for Tikkurila's products,” it added.

Tikkurila expects its revenue this year to be at around the same level as the €670.4m recorded in 2012.

($1 = €0.76)

By: Nurluqman Suratman

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