F inancial News
AkzoNobel’s earnings increase for 3Q
AkzoNobel released its results for the
third quarter 2008. The decorative
paints business unit reported four percent growth and one percent growth
from the acquisition of Barloworld in
South Africa. Asia and Latin America
continued to demonstrate strong double-digit growth. Revenue from its European
business increased, despite the volume
drop in the UK market. The performance
in the U.S. was impacted by the continued soft trading environment with weak
construction markets, underpinned the
recession. Price increases together with
tight cost control contributed to an
increase of EBITDA in constant currencies of eight percent to €218 million, with
an EBITDA margin of 14.7%.
Performance Coatings’ autonomous
growth of five percent was strong, but
was counterbalanced by currencies
(five percent). Growth was achieved
mainly by price increases, while volumes were fairly stable, according to
the company. EBITDA in constant currencies slightly increased by one percent to €146 million. The EBITDA
margin was 12.6%, in line with the
previous year.
SOLID EARNINGS
FOR ASIAN PAINTS IN 2Q
Asian Paints has released results for
the quarter ended September 30,
2008. For the quarter, net profit of the
group has increased by 15.5% to Rs.
131.5 crores (~$26 million) from Rs.
113.9 crores (~$22 milion) over the
previous corresponding quarter. Sales
and operating income rose by 30.2% to
Rs. 1,475.3 crores (~$300 million) from
Rs. 1,133.2 crores (~$230 million).
“In general, demand conditions have
been good and our domestic business
registered an impressive revenue growth
of more than 30% for the quarter. Our
international operations also performed
extremely well, in particular the Middle
East and South Asia regions,” said
Ashwin Dani, vice chairman and managing director, Asian Paints Limited.
“Volatile material prices, inflationary
pressures and a slowdown in the
economy are causes of concern.”
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