News & Analysis » Europe

Akzo Nobel Q2 Total Net Income Up 76% - Quick Facts

(RTTNews) - Akzo Nobel NV (AKZOY.PK) announced a revenue of EUR 3.9 billion for the second quarter of 2010, representing increase of 13% and 5% in constant currencies.

EBITDA for the second quarter was EUR 614 million, 21% higher than in 2009, with total net income up 76% to EUR 273 million. EBITDA margin was 15.7%, versus 14.7% in the year-ago quarter. Therefore, the company announced the early achievement of the 14% EBITDA margin target set for the end of 2011.

The company noted that strong revenue gains were achieved in the higher growth markets in all business areas. Revenue improved 8% at Decorative Paints to EUR 1.4 billion. Both Performance Coatings and Specialty Chemicals booked double-digit revenue growth, 19% and 14% respectively, mainly driven by higher volumes.

AkzoNobel stated that it remains vigilant about the pace and sustainable nature of the economic recovery. The company added that it is cautiously optimistic about the prospects for the remainder of the year.