Paint maker Akzo Nobel books higher Q1 sales, lower profit

Akzo Nobel booked a slight increase in sales in the first quarter of 2012 as the paints and coatings manufacturer passed on higher raw material prices to customers.

Turnover rose 6% to €3.9bn. However, net profit came in at €70m, almost half the figure booked in the first quarter of 2011, the company said in a statement.
Akzo Nobel, the world’s biggest paint maker, said the decline in net profit was partly due to lower demand in Europe and North America because of the economic downturn and building slump.

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