AkzoNobel paints rosy picture backed by currency effects

GMT 11:52 2015 Tuesday ,21 July

Arab Today, arab today AkzoNobel paints rosy picture backed by currency effects

The world's top paint maker AkzoNobel
The Hague - AFP

The world's top paint maker AkzoNobel announced Tuesday a 61 percent jump in net profit for the second quarter backed by favourable currency effects, saying it remained on target for 2015.

The Dutch-Swedish group's net profit jumped to 331 million euros ($358 million) from 205 million euros year-on-year, while revenue was up six percent to 3.95 billion euros, it said in a statement.

AkzoNobel, whose paint-making business is seen as a broad barometer of underlying economic activity, said market trends in North America "continued to be positive with Europe not improving."

"Conditions remained challenging in many countries including in Russia, Brazil and China," the Amsterdam-based group said.

AkzoNobel chief executive Ton Buechner said "the global economy remains challenging and shows a very mixed picture with different dynamics per region and customer segments."

"We remain on track to deliver our 2015 targets," said Buechner, thanks to "significant actions taken in recent years (to) form a sound basis for further improved performance."

Formed in 1994 in a merger between Akzo and Nobel, the group employs 50,000 people worldwide and counts Dulux and Trimetal among its brands.

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