Akzo Nobel Sees Increase in Q4 Operating Profit
Akzo Nobel has reported a 10% drop in revenue in 2009 to €13,893 million. However, the company is looking at a smaller net loss for Q4 2009 (€60 million) over the same period a year ago (€1.51 billion). The company has also reported a 7% decrease in Q4 sales. Q4 operating profit was up by 4%.
Akzo said that demand has recovered to year-ago levels, but "we believe the recovery is fragile and will be slow," CEO Hans Wijers said. "We continue to focus on customers, cost reduction and cash generation, but investments to capture growth will remain a priority - particularly in high growth markets."
AkzoNobel is looking at €540 million in cost cuts and synergies from its acquisition of ICI by the end of next year. Wijers also said the company is on track to meet its goal to achieve a target Ebitda margen of 14% by the end of 2011.
