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Dutch AkzoNobel swings to EUR68mln loss in Q4

February 17/2012

( -- Akzo Nobel NV, the world's largest maker of paints and coatings, has reported EUR68 million (USD89 million) loss for the fourth quarter due to rising commodity costs and a one-time charge.

The loss compares to profit of euro162 million in the fourth quarter of 2010. Sales rose 4.7 percent to EUR3.79 billion.
Akzo Nobel's paint arm, which supplies Walmart, was badly hit by rising costs of titanium dioxide, a key paint pigment. The company's coatings and chemicals arms saw relatively mild declines in operating profit, also due to rising raw materials costs.

The company also bought back more than half a billion euros of its own bond debt to refinance at lower interest rates, taking a charge of EUR67 million.

Author:Anna Larionova
Category:General News
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