AkzoNobel Q1 Revenue up 6%

25 April 2010 (Last Updated April 25th, 2010 18:30)

AkzoNobel, a producer of specialty chemicals, has reported revenue of €3.25bn ($4.33bn) for the first quarter of 2010, an increase of 6%, compared with €3.06bn ($4.07bn) in the same period last year. The company's net income was €81m ($107.9m), or €0.35 ($0.46) per diluted share, compar

AkzoNobel, a producer of specialty chemicals, has reported revenue of €3.25bn ($4.33bn) for the first quarter of 2010, an increase of 6%, compared with €3.06bn ($4.07bn) in the same period last year.

The company's net income was €81m ($107.9m), or €0.35 ($0.46) per diluted share, compared with a net loss of €7m ($9.3m), or €0.03 ($0.04) per diluted share, in the previous year.

AkzoNobel's operating income was €224m ($298.3m), compared with €110m ($146.5m) in the same period last year.

EBITDA was €399m ($451.5m), an increase of 38%, compared with €289m ($384.9m) for the first quarter of 2009.

AkzoNobel CEO Hans Wijers said its performance was weak compared to 2009 and raw material price increases will put pressure on the industry.