AkzoNobel Reports Reduction in First-Quarter Net Income
AMSTERDAM, the Netherlands - Akzo Nobel N.V. (AkzoNobel) reported a six percent increase in first-quarter revenue compared with the same period in 2011, mainly driven by pricing actions to offset higher raw material costs. The EBITDA for the first quarter was three percent lower at EUR 423 million, due to weaker end markets and cost inflation. The company reported a reduction in net income in the first quarter of 47 percent compared to the first quarter of 2011. Net income from continuing operations for the first quarter of 2012 was EUR 70 million compared to EUR 132 million in the first quarter of 2011.
Overall raw material prices remain a challenge. Looking forward, the company expects the higher oil and TiO2 prices on average to have an inflationary impact.