AkzoNobel reiterates earnings forecast

Coatings and chemicals group AkzoNobel announced a 9% rise in profit before tax and interest payments in the third quarter.


The figure of €367m was in line with analysts’ expectations.
The company said it maintains its full year forecast of operating profit equal to the €1.87bn booked in 2007.
AkzoNobel CFO Keith Nichols said in a statement that the company’s earnings in 2009 are not expected to be ‘dramatically worse’.
The company’s third quarter turnover was just over €4bn, an 8% increase on the same year-earlier period.
Net profit was down 23%at €157m due mainly to a one-off cost of €79m.
In a statement, Nichols confirmed the company’s strong cash position. ‘Our balance sheet and liquidity positions are solid,’ he said.

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