AMSTERDAM – Akzo Nobel NV, the world's largest maker of paints and coatings, says second-quarter profits fell due to rising raw material costs and the European economic crisis.
It says Thursday that profits fell to €197 million ($241 million) from €251 million due to falling sales volumes and rising costs.
However, Akzo says currency fluctuations helped overall revenue for the quarter to rise 8 percent to €4.4 billion ($5.4 billion) from €4.1 billion in the same period last year.
CEO Ton Buechner calls the performance "solid given the increasingly difficult economic environment."
The company says its concerns for the future center on the risk of a Europe-wide recession, delayed recovery in the U.S. property market and a potential slowdown in Asia.
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