MOSCOW (MRC) -- Akzo Nobel NV on Tuesday said third-quarter profit rose 32% driven by cost savings and lower restructuring and financing costs, adding that it was on track to meet its 2015 targets despite a fragile economy, said the company in its press release.
The Dutch paint and chemicals company said net profit for the quarter came in at EUR205 million (USD262.4 million), compared with EUR155 in the same period last year. Operating income rose 11%.
Revenue for the quarter fell 2% to EUR3.69 billion, from EUR3.78 billion in the third quarter of 2013. While volumes grew 1%, the gain was more than offset by a higher share of lower-margin products, currency effects and divestments.
"Akzo Nobel delivered a solid Q3 performance, despite continued economic uncertainty," Chief Executive Ton Buchner said.
As MRC wrote before, AkzoNobel announced that it will establish a new organization for its Performance Coatings Business Area in order to drive leading performance.
Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.
MRC