logo
Plus   Neg
Share
Email

Akzo Nobel FY EBIT Rises 2%; Reconfirms 2020 Guidance

Akzo Nobel NV (AKZOY.PK,AKZOY) reported that its net income attributable to shareholders for fiscal year 2017 declined to 832 million euros from 970 million euros in the previous year.

EBIT, including discontinued operations, was up 2% to 1.525 billion euros.

Operating income, including discontinued operations, at 1.396 billion euros included identified items of 129 million euros, mainly related to the transformation of AkzoNobel, including the separation of Specialty Chemicals.

Revenue, including discontinued operations, was up 3% or up 4% excluding currency impact at 14.575 billion euros.

Akzo Nobel N.V. CEO, Thierry Vanlancker, said, "We are on track to create two focused, high performing businesses. The internal separation of the Specialty Chemicals business is complete and a full separation remains on track for April 2018. The transformation of AkzoNobel into a focused Paints and Coatings company is progressing well, with phase one on track to achieve €110 million savings in 2018, contributing directly towards delivering the 2020 financial guidance."

The company noted that it continues to implement various measures to mitigate current market challenges, including increased selling prices and cost discipline. "Winning Together - 15 by 20" strategy will create a focused Paints and Coatings company and deliver our 2020 guidance.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A former Southwest Airlines employee has filed a racial discrimination lawsuit against the airline, alleging that the carrier allowed its employees to create a "whites-only" breakroom. The lawsuit was filed in the United States District Court in Houston earlier this week by Jamel Parker, a former employee of Southwest Airlines. American Airlines Inc. has joined its major rivals in raising baggage fees as the airline industry grapples with higher fuel costs and rising operating expenses. The largest U.S. airline said Thursday it is raising the price of a first and second checked bag by $5 each. The price of a first checked bag is now $30, while it is $40 for a second checked bag. The takeover battle by Comcast Corp. nd Rupert Murdoch's 21st Century Fox Inc. for British broadcaster Sky plc will be settled through an auction. The UK Takeover Panel said Thursday that an auction procedure is expected to commence on the evening of Friday, September 21, 2018 and end on the evening of September 22, 2018. The winner of the auction will be announced on Saturday.
Follow RTT