AMSTERDAM (dpa-AFX) - Dutch paints and coatings maker Akzo Nobel NV (AKZOY.PK, AKZOY) reported that its net income attributable to shareholders for the third-quarter was flat with last year at 285 million euros. But, adjusted earnings per share decreased to 1.20 euros from 1.24 euros in the prior year.
The company decided to increase the interim dividend by 6 percent to 0.37 euros per share.
The market environment remains uncertain with challenging conditions in several countries and segments. Deflationary pressures and currency headwinds are expected to continue. It maintained its financial guidance for 2016-2018.
AkzoNobel reported volume growth in Decorative Paints and Specialty Chemicals with further overall profitability growth in the third quarter, despite challenging conditions in several countries and segments.
EBIT for the third-quarter was up 1 percent at 442 million euros , reflecting continuous improvement initiatives and lower costs, partly offset by adverse currency effects.
Revenue for the quarter declined 4 percent to 3.60 billion euros, from the prior year's 3.76 billion euros due to adverse currency and price/mix effects.
In Decorative Paints, Volumes increased 3 percent due to positive developments in Asia and EMEA, while volumes continued to be lower in Latin America. Revenue was down 3 percent mainly due to unfavorable currency effects. We launched our 2017 Color of the Year, Denim Drift, part of our ongoing efforts to inspire customers to make confident color choices and drive growth for our business.
In Performance Coatings, Volumes were down by 2 percent affected by adverse conditions in the marine and oil and gas industries, partly offset by positive developments in other segments, including automotive and specialty coatings. Revenue was down 6 percent due to unfavorable currencies, lower volumes and adverse price/mix effects.
In Specialty Chemicals, Volumes were up 1 percent with positive developments, especially in Industrial Chemicals, partly offset by lower demand in the oil-related segments. Revenue was down 3 percent mainly due to price deflation in several markets.
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