Chemicals company Akzo Nobel is to take extra steps to improve its performance after announcing a second quarter drop in operating profit on Thursday.

The company did not give further details but said more information will be announced in the second half of the year. Various divisions would be affected, CEO Hans Wijers said in a statement.
Akzo Nobel booked operating profit of €551m in the second quarter of the year, down 10% on 2010. Turnover rose 5% to €4.1bn, slightly below analysts expectations. Net profit reached €268m, a slight rise on 2010.
The company gave a profit warning in June, saying it had been hit by rising raw material prices, challenging market conditions and lengthy production stops for maintenance.
‘I am not satisfied with our performance in the quarter, despite positive volume and pricing developments,’ Wijers said. ‘The recent months have been challenging and it does take time for price increases to work through.’