Akzo Nobel’s quarterly core profit rises 8%, revenue slips

Dutch paints and coatings maker Azko Nobel reported weaker-than-expected revenues on Wednesday.

The company reported a net revenue of 2.33 billion euros ($2.69 billion), missing Reuters expectations of 2.48 billion euros.

Meanwhile, Akzo Nobel’s third-quarter core profit rose 8 percent to 243 million euros, underpinned by higher prices and costs savings.

“I’m encouraged by what we achieved, despite challenging market conditions, including higher raw material costs and adverse foreign currencies,” Thierry Vanlancker, CEO of Akzo Nobel, said in a statement on Wednesday.

“Completing the sale of our Specialty Chemicals business was a key milestone in the long and proud history of AkzoNobel as we take the next step in our transformation,” he added.

Earlier this year, Akzo Nobel sold its Specialty Chemicals division for 10 billion euros to Carlyle Group after it rejected an unwanted takeover offer from U.S. rival PPG Industries in 2017.

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