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AkzoNobel swung to a net income of ?162m in the fourth quarter of 2010

February 17/2011

(ICIS) -- AkzoNobel swung to a net income of ?162m ($219m) in the fourth quarter of 2010, compared with a loss of ?60m in the same period a year earlier, on the back of higher demand, the Dutch paints and coatings company said on Thursday.

Revenue in the fourth quarter jumped 17% year on year to ?3.62bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 3% to ?377m, AkzoNobel said.

Revenue growth was driven by a 6% increase in sales volume across the firms business areas as demand recovered, particularly in high-growth markets, the company said.

AkzoNobels decorative paints segment reported an 11% year-on-year increase in fourth quarter revenue to ?1.14bn, primarily driven by a robust recovery in Asia and Latin America and a positive foreign currency translation effect.

Meanwhile, AkzoNobel said that a broad recovery in demand, combined with the success of its strategic growth platforms, had led to a volume increase across nearly all business lines in its specialty chemicals portfolio, with revenue during the fourth quarter of 2010 growing 19% year on year to ?1.26bn.

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