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SMALL BUSINESS
Akzo Nobel paints profit up 30 percent in Q3
AP ONLINE
posted: 28 DAYS 6 HOURS AGO
AMSTERDAM (AP) — Akzo Nobel NV, the world's biggest maker of paints, reported Tuesday a 30 percent rise in net profit for the third quarter, as the benefits of cost cutting and restructuring offset lower sales.
Net profit was €197 million ($293 million), up from €152 million in the same period a year earlier. Sales fell 10 percent to €3.64 billion.
"We have seen some signs of an improvement in emerging markets, but overall we don't foresee a quick recovery," said Akzo Nobel CEO Hans Wijers in a statement.
Akzo Nobel makes household paints such as Dulux and Flexa, as well as high-performance coatings used on appliances, packages, machinery, ships and planes.
The company has cut 3,600 jobs in the past year and now employs 57,720.
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