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AkzoNobel Q4 net income falls by 34%

February 16/2017

MOSCOW (MRC) -- AkzoNobels net income fell by 34% to EUR133m in the fourth quarter, mostly weighed by lower incidental items compared to the same period of 2015, said the company in its press release.

The company's revenue fell by 3% year on year to EUR3.46bn in the fourth quarter while earnings before interest and taxes (EBIT) were 12% lower at EUR235m, the company said in a statement.

For the full year of 2016, AkzoNobels net income dropped by 1% to EUR970m, with sales down 4% at EUR14.2bn.

Full-year EBIT rose by 3% to EUR1.5bn.

As MRC informed before, AkzoNobel said on 9 June that it is adding marine and protective coatings capacity at its existing performance coatings site at Lipetsk, south of Moscow. The new capacity became operational in the third quarter of last 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.

Besides, in December 2016, AkzoNobel finalized the acquisition of BASFs global Industrial Coatings business, which supplies a range of products for industries including construction, domestic appliances, wind energy and commercial transport, strengthening its position as the global number one supplier in coil coatings,

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.
Author:Margaret Volkova
Tags:pigments, coatings, adhesives, construction, paints and coatings, AkzoNobel, BASF, Netherlands.
Category:General News
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