Akzo Nobel profit up on one-off gains, sales down
Paint, chemicals maker Akzo Nobel says profit rose in 2nd quarter on one-off gains, sales fell
THE HAGUE, Netherlands (AP) -- Chemicals and paint maker Akzo Nobel says its second quarter net profit almost doubled from the same period last year to 429 million euros ($563.53 million) thanks to the sale of its North American paints division and a tax gain.
But as the economic crisis continued to grip the company, sales dropped four percent to 3.9 billion euros from 4 billion euros in the second quarter of 2012.
The company said Thursday that higher restructuring costs and weak markets mean its full year operating income is unlikely to beat the 908 million euros it made in 2012.
CEO Ton Buechner says, "Conditions remain tough and, as we have previously indicated, we do not expect an early improvement in the external trends our businesses are facing."
