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

Dutch paints and coatings maker Azko Nobel reported weaker-than-expected revenues on Wednesday, as lower volumes and adverse currency effects hit sales in the third quarter.

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.

When asked whether Akzo Nobel’s third quarter results had helped bring a feeling of harmony among the company’s executives and its shareholders, CEO Thierry Vanlancker told CNBC: “If you look at our third quarter, I think we do show significant improvement — I mean there are big headwinds on currency and on raw materials — but the fact that we deliver a stronger third-quarter result is significant proof that we are working on it.”

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