Dutch paints and coatings maker Akzo Nobel reported a better-than-expected 36% jump in second-quarter core profit on Wednesday, as higher prices and cost savings offset raw material inflation.
reported a better-than-expected 36% jump in second-quarter core profit on Wednesday, as higher prices and cost savings offset raw material inflation.
Sales were flat at 2.45 billion euros, missing expectations for a slight increase, as higher sales prices barely weighed up against a 6% decline in sales volumes. The company in 2017 promised frustrated shareholders that it would improve profitability, as it refused to consider an unwanted takeover offer by U.S. rivalAs part of its defence strategy, Akzo last year sold its speciality chemicals unit for 10 billion euros to a group of buyers led bySpeaking to CNBC's "Squawk Box Europe" on Wednesday, Akzo Nobel CEO Thierry Vanlancker said the company had now offset inflated raw material costs through its own pricing.
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