Amsterdam: AkzoNobel reported higher-than-expected second-quarter earnings on Wednesday, helped by growth in its decorative paints business in Asia and Europe.
The Dutch paints and chemicals firm also said it remained on track to meet its 2015 targets despite a fragile economic environment and a strong euro.
AkzoNobel reported 7 per cent higher quarterly earnings before interest, tax depreciation and amortisation (Ebitda) of €509 million ($685.27 million) due to cost cutting.
These offset a 4 per cent drop in revenue to €3.71 billion as a result of divestments and the strong euro, the company said.
Analysts in a poll commissioned by Reuters had forecast Ebitda of €482 million on sales of €3.82 billion.
“We are on track to deliver on our 2015 financial targets,” said AkzoNobel Chief Executive Ton Buechner in a statement.
By 2015 AkzoNobel wants to reach a 9 per cent return on sales, 14 per cent return on invested capital and a ratio of net debt to Ebitda of less than 2.
