Akzo Nobel Reports 1Q Profit Growth Despite Stalling Revenue
April 24 2019 - 1:46AM
Dow Jones News
By Adam Clark
Akzo Nobel NV (AKZA.AE) said Wednesday that its profit rose in
the first quarter of 2019 despite lower volumes holding back
revenue growth.
The Dutch paints-and-coatings company made a quarterly adjusted
operating profit of 163 million euros ($183.1 million), up 9% from
the year-earlier quarter.
Revenue came to EUR2.19 billion, flat from the prior year or up
1% in constant currencies. Akzo Nobel said higher prices helped
offset a 7% fall in volumes, partly caused by a slowdown in
China.
Raw-materials inflation added EUR77 million in additional costs
for the quarter. Akzo Nobel said it is implementing pricing
initiatives and cost-cutting programs.
"We continue executing our transformation to deliver the next
EUR200 million cost savings by 2020, incurring one-off costs in
2019 and 2020," the company said.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
April 24, 2019 01:31 ET (05:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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