Print Edition - 2018-07-19  |  Money Digest

Paintmaker AkzoNobel sees Q2 profits drop


Jul 19, 2018-

Leading global paintmaker AkzoNobel on Wednesday posted a sharp drop in second quarter profits, mainly blaming the fall on currency fluctuations. The news of a 10 percent cut in net income, down to $315 million in the second quarter of 2018 from 301 million euros in the same period last year, comes after a turbulent time for the Dutch giant. In March the company announced it was selling its chemicals arm to US-based investors Carlyle Group and GIC for 10.1 billion euros. “Disciplined execution on the first phase of our transformation into a focused paints and coatings company is creating a fit-for-purpose organisation and delivering cost savings,” said chief executive Thierry Vanlancker. (AFP)

Published: 19-07-2018 08:21

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