MOSCOW (MRC) -- Dutch paints and coatings maker AkzoNobel NV reported that its second-quarter net income attributable to shareholders declined 6 percent to 312 million euros from last year's 331 million euros, which included positive incidental items,said the producer on its site.
Earnings per share were 1.24 euros, down from 1.34 euros last year. Adjusted earnings per share were 1.32 euros, compared to 1.30 euros in the prior year.
Revenue declined 6 percent to 3.71 billion euros from prior year's 3.95 billion euros, mainly due to adverse currencies. Volumes were up 1 percent, driven by Decorative Paints and Performance Coatings.
Looking ahead, the company said that the market environment remains uncertain with challenging conditions in several countries and segments. Deflationary pressures and currency headwinds are expected to continue.
Results in the quarter were marked by currency volatility, including for the British pound. The company, heir to the bulk of former British industrial giant ICI, said after Britain's vote to leave the European Union that it would continue investing in the country.
As MRC informed earlier, AkzoNobel is adding marine and protective coatings capacity at its existing performance coatings site at Lipetsk, south of Moscow. The new capacity is expected to be operational in the third quarter of this year. It will enable AkzoNobel to supply protective coatings for the regional oil and gas, mining, power and infrastructure markets, as well as marine coatings for ship building, maintenance and repair. The investment represents a further expansion for the multi-business site at Lipetsk.
AkzoNobel 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