Paint maker Akzo Nobel reports 4Q profits rise
Thursday, February 17, 2011
AMSTERDAM (AP) — Akzo Nobel NV, the world’s largest paint maker, says it made a healthy profit in the fourth quarter versus a loss in the same period a year ago, due to both growth in its businesses and fewer restructuring charges.
Net profit at the maker of Glidden and Dulux brands was 162 million ($220 million) compared with a loss of 60 million in the same period a year earlier. Revenue rose 17 percent to 3.62 billion. Akzo had 142 million in restructuring and other charges in the fourth quarter of 2009.
The company said Thursday it continues to see strong demand, but is now feeling the impact of rising commodities costs it plans to fully pass on to customers in the form of price increases.
The company targeted a modest 5 percent sales growth this year.
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