Akzo Nobel Profit Boosted by Currency Gains, Restructuring

By Maarten van Tartwijk

AMSTERDAM--Akzo Nobel NV (AKZA.AE) said Tuesday that first-quarter net profit rose 24% as the Dutch paint and chemicals maker benefited from currency gains and restructuring efforts.

Amsterdam-based Akzo Nobel, known for paints such as Dulux and Sikkens, said net profit was 160 million euros ($172 million) in the first three months of 2015, up from EUR129 million in the same period a year earlier.

Revenue rose 6% to EUR3.59 billion as currency gains helped to offset a decline in volume, "reflecting a slow start to the year," Akzo Nobel said.

Cost-savings also helped to boost earnings, and the company said that its restructuring efforts are increasingly bearing fruit.

Akzo Nobel reiterated its financial targets for 2015, which assume a return-on-sales of 9% and a 14% return on invested capital. Exchange rate movements and slower growth rates in high-growth economies will determine the dynamics of 2015, it said.

-Write to Maarten van Tartwijk at [e-mail]

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