AMSTERDAM, The Netherlands - Akzo Nobel N.V. (AkzoNobel) has announced a revenue increase of 13 percent (five percent positive currency translation effect) for the second quarter of 2010 and the early achievement of a 14 percent EBITDA margin target set for the end of 2011.
Strong revenue gains were achieved in the higher-growth markets in all business areas. Revenue improved eight percent in Decorative Paints. Both Performance Coatings and Specialty Chemicals booked double-digit revenue growth (19 percent and 14 percent respectively), mainly driven by higher volumes.
EBITDA for the second quarter was EUR 614 million, 21 percent higher than in 2009, with total net income up 76 percent to EUR 273 million.
During the quarter, AkzoNobel announced the sale of National Starch, a $3 billion revenue target for China by 2015 and the completion of the acquisition of the powder coatings activities of the Dow Chemical Co.
While the second quarter was clearly a good quarter, AkzoNobel remains vigilant about the pace and sustainable nature of the economic recovery. Nevertheless, the company announced it is cautiously optimistic about the prospects for the remainder of the year.