Akzo Nobel posts a Q4 loss
Thursday 18 February 2010
Chemicals group Akzo Nobel posted a loss of €60m in the final quarter of 2009, partly due to a €119m restructuring charge and €40.6m fine from the European Commission for price fixing.
Turnover reached €3.3bn while pre tax earnings rose 4% to €396m.
Turnover over 2009 as a whole was down 10% at €13.9bn.
'The stabilisation we reported at the end of the third quarter has continued,' CEO Hans Wijers said in a statement.
'However, we believe the recovery is fragile and will be slow. We continue to focus on customers, cost reduction and cash generation, but investments to capture growth will remain a priority – particularly in high growth markets.'