AkzoNobel Reports Revenue Increase for Second Quarter
AMSTERDAM, the Netherlands - Akzo Nobel N.V. (AkzoNobel) reported an eight percent increase in second-quarter revenue compared with the same period in 2011, mainly driven by pricing actions to offset higher raw material costs and currency effects. The EBITDA for the second quarter was eight percent higher at EUR 593 million. The company also announced that its global performance improvement program is making good progress.
Decorative Paints achieved a revenue increase of six percent in the second quarter, mainly due to favorable price/mix effects and positive currency effects. EBITDA was down eight percent, reflecting weaker European market conditions. Restructuring continues in mature markets, particularly in Europe.