AMSTERDAM, the Netherlands - Akzo Nobel N.V. reported a solid first quarter with positive developments in all three business areas despite a challenging market environment.
First-quarter operating income increased 42 percent to €306 million, reflecting the effects of process optimization efforts, reduced restructuring expenses, lower costs and favorable currency effects. Revenues of €3,591 million were up 6 percent compared with the same period last year. An 8 percent impact of currency translation effects was offset by lower volumes, reflecting a slow start to the year. Profitability improved, with return on sales at 8.5 percent compared with 6.4 percent last year.