AkzoNobel sales, earnings down on European economic problems

AkzoNobel, the world’s biggest paint and coatings company, booked an 8% drop in operating profit in the first quarter of 2013.

Sales fell 7% to €3.5bn as the company was hit by the downturn in the European economy and divestments, such as in Pakistan, impacted on the results.

Chief financial officer Keith Nichols said in a statement: ‘The economic environment remains challenging and we do not expect an early improvement in the trends we see in our businesses.’


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