AkzoNobel publishes Q2 2010 results
Akzo Nobel N.V. announced a revenue increase of 13 percent (5 percent positive currency translation effect) ) for the second quarter of 2010 and the early achievement of the 14 percent EBITDA margin target set for the end of 2011.
Strong revenue gains were achieved in the higher growth markets in all business areas. Revenue improved 8 percent at Decorative Paints due primarily to its strong footprint in these markets, where the business is growing faster than the market, offset by lower or negative revenue development in mature markets. Both Performance Coatings and Specialty Chemicals booked double-digit revenue growth (19 percent and 14 percent respectively), mainly driven by higher volumes.
EBITDA for the second quarter was €614 million, 21 percent higher than in 2009, with total net income up 76 percent to €273 million.
During the quarter AkzoNobel announced the US$1.3bn sale of National Starch, completing the divestments of non-core former ICI businesses, a US$3 billion revenue target for China by 2015, and the completion of the acquisition of the powder coatings activities of the Dow Chemical Company.
While Q2 was clearly a good quarter, AkzoNobel remains vigilant about the pace and sustainable nature of the economic recovery. Nevertheless, the company is cautiously optimistic about the prospects for the remainder of the year.
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