Recession pressures Akzo Nobel

Paint and chemicals group Akzo Nobel said on Thursday it’s first quarter earnings and sales had been pressured by the recession.

Pre-tax earnings fell to €142m, half the year-earlier figure and below analysts’ forecasts. The group booked an overall first quarter loss of €7m while sales were down 13% at €3.3bn.
‘The results for the first quarter are a reflection of the seriousness of the worldwide recession across every division,’ CEO Hans Wijers said.

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