AkzoNobel Revenue Down 30% In April, 20% In May

(RTTNews) - Dutch paints and chemicals maker Akzo Nobel N.V. (AKZA.AS; AKZOY) reported Thursday that its revenue for the month of April, amid Coronavirus pandemic, was down almost 30 percent than last year with strongest market headwinds.

In May, revenue remained around 20 percent below 2019 even though demand improved as some lockdown measures started to ease.

The company noted that segments related to automotive and aerospace industries continue to be more significantly impacted than others.

Distribution channels for Decorative Paints have mostly reopened in China and Europe, with demand returning towards previous levels. Demand for Performance Coatings has also improved.

AkzoNobel noted that its various steps taken mainly to rapidly reduce costs are proving successful.

During the first quarter, COVID-19 adversely impacted revenue by around minus 5 percent. Asia was most affected throughout the first quarter, with other regions impacted only from the second half of March onwards.

The company is scheduled to release its second-quarter financial results on July 22.