Revenue up, but profit down at Akzo Nobel
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.