AkzoNobel Q2 operational profit down 9%

Paints and chemical concern Akzo Nobel has announced a 9% decrease in operational profit (ebitda) to €525m in the second quarter and a 10% fall in revenue to €3.7bn.

Volumes were down 16% compared to the same period in 2008.
In a press statement on Wednesday, AkzoNobel CEO Hans Wijers said: ‘In March, we saw early indications that markets may be stabilizing and we have seen that trend continue into the second quarter.
‘However, this gradual stabilisation is at significantly lower levels than 2008. With the exception of some emerging markets, we see little significant recovery of growth. Due to the continuing economic uncertainty, forward visibility still remains limited.’
AkzoNobel said it remains committed to achieving target of an ebitda margin of 14% by the end of 2011.

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