Akzo Nobel posts 4% drop in Q1 net income

07 May 2008 06:57  [Source: ICIS news]

MUMBAI (ICIS news)--Akzo Nobel posted a 4% year-on-year decline in its first quarter net income to €136m ($212.5m) due to unfavourable foreign exchange rates, the Netherlands-based coating and chemicals group said on Wednesday.

"The testing environment continued in the first quarter, as expected. However, I remain confident for the remainder of the year that we will deliver on our promises of outgrowing our markets, and continuing with the successful integration of ICI," Keith Nichols, company CFO said.

For the quarter, the company's earnings before interest and tax (EBIT) was marginally up to €257m from €254m in the year-ago period, it said.

The company's revenue for the quarter was at €3.5bn, up from the year-ago quarter's €3.48bn, it added.

($1 = €0.64)

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Author: Isha Jha
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