AkzoNobel: posts sharp profit rise from cost cuts
(CercleFinance.com) - AkzoNobel said it has delivered "excellent performance" in the third quarter, posting higher operating profit driven by cost savings, despite the challenges presented by COVID-19.
On Wednesday the Dutch paint and coating maker said its adjusted operating income rose by 18% to 353 million euros in the past quarter.
At 2.3 billion euros, sales slipped 5%, although were up 1% at constant currencies, with volumes increasing 3%, helped by strong demand for decorative paints, it noted.
AkzoNobel - which suspended its 2020 financial outlook due to the pandemic - said headwinds relating to COVID-19 have continued to ease, and that raw material costs are expected to have a favourable impact in the fourth quarter.
Cost-saving programs are also in place to address the current challenges, the group added.
Its shares, however, were virtually flat (-0.3%) on Euronext Amsterdam after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
On Wednesday the Dutch paint and coating maker said its adjusted operating income rose by 18% to 353 million euros in the past quarter.
At 2.3 billion euros, sales slipped 5%, although were up 1% at constant currencies, with volumes increasing 3%, helped by strong demand for decorative paints, it noted.
AkzoNobel - which suspended its 2020 financial outlook due to the pandemic - said headwinds relating to COVID-19 have continued to ease, and that raw material costs are expected to have a favourable impact in the fourth quarter.
Cost-saving programs are also in place to address the current challenges, the group added.
Its shares, however, were virtually flat (-0.3%) on Euronext Amsterdam after this report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.