Akzo Nobel Q2 Profit Declines On Weak Revenues; Says Market Remains Uncertain

(RTTNews) - Dutch paints and coatings maker Akzo Nobel NV (AKZOY.PK, AKZOY) reported Tuesday that its second-quarter net income attributable to shareholders declined 6 percent to 312 million euros from last year's 331 million euros, which included positive incidental items.

Earnings per share were 1.24 euros, down from 1.34 euros last year.

Adjusted earnings per share were 1.32 euros, compared to 1.30 euros in the prior year.

Operating income excluding incidental items went up 9 percent to 491 million euros, reflecting continuous improvement initiatives and lower costs, partly offset by adverse currency effects.

Revenue declined 6 percent to 3.71 billion euros from prior year's 3.95 billion euros, mainly due to adverse currencies. Volumes were up 1 percent, driven by Decorative Paints and Performance Coatings.

Looking ahead, the company said that the market environment remains uncertain with challenging conditions in several countries and segments. Deflationary pressures and currency headwinds are expected to continue.