(RTTNews) – AkzoNobel NV, (AKZOY.PK), a Dutch manufacturer of performance paints and coatings, announced on Wednesday that its second-quarter net profit attributable to shareholders fell to 106 million euros from 261 million euros. last year.
Earnings per share from total operations were 0.60 euros, down from 1.40 euros the previous year. Adjusted earnings per share from continuing operations were €0.84, compared to €1.20 a year ago.
Adjusted EBITDA fell to 337 million euros from 419 million euros last year.
The company said its second-quarter results were clearly impacted by two months of lockdown in China and destocking of DIY decorative paint chains in Europe.
AkzoNobel’s turnover, however, increased by 14% to 2.85 billion euros against 2.51 billion euros last year, despite the impact of confinements in China and destocking in the chains. DIY EMEA. Revenues increased by 10% at constant exchange rates. Prices have increased by 16%.
Looking ahead, AkzoNobel confirmed its Grow & Deliver ambitions of €2 billion in adjusted EBITDA for 2023, and an average annual increase of 50 basis points in return on sales over the period 2021-2023.
The company said it aims to grow at or above its relevant markets, in line with the company’s Grow & Deliver strategy.
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