Plus   Neg

Akzo Nobel Q3 Profit Rises - Quick Facts

Akzo Nobel N.V. (AKZOY.PK,AKZOY) reported that its third-quarter net income attributable to shareholders increased 36% to 220 million euros from 162 million euros last year.

Earnings per share from total operations were 1.15 euros compared to 0.79 euros in the previous year.

Adjusted earnings per share from continuing operations rose 34% to 1.30 euros from 0.97 euros last year.

But, revenue for the quarter declined 5% year-over-year to 2.28 billion euros from last year, while it was up 1% in constant currencies.

Volumes were up 3%, showing strong demand for Decorative Paints, partly offset by lower volumes of Performance Coatings and unfavorable price/mix of 1%.

AkzoNobel has suspended its 2020 financial ambition in response to the significant market disruption resulting from the pandemic. Raw material costs are expected to have a favorable impact for the fourth quarter of 2020.

The company targets a leverage ratio of 1-2 times net debt/EBITDA and commits to retain a strong investment grade credit rating.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
JPMorgan Chase Bank, N.A., a unit of JPMorgan Chase & Co., has agreed to pay $250 million penalty over the bank's failure to maintain adequate internal controls and internal audit over its fiduciary business. In a filing with the U.S. Securities and Exchange Commission, the company said JPMorgan Chase Bank has entered into a resolution with the Office of the Comptroller of the Currency or OCC. Sunbeam Products, Inc. recalled about 942,760 units of Crock-Pot 6-Quart Express Crock Multi-Cookers for potential burn hazards, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. These include about 28,330 units sold in Canada. Trying to find the perfect gifts for our loved ones has always been a matter of concern. Walmart.com is set to take the pain out of customers this holiday season by adding new features and categories to the Gift Finder tool, which was introduced last year. This, the retail giant believes, will make online shopping easier for gift givers.
Follow RTT