Holland. Dutch multinational Akzo Nobel reported a loss of 1.1 billion euros ($1.4 billion) in profits in 2008, hit by non-cash charges from the ICI acquisition, and warned it faces a challenging 2009.The chemical group said it took on charges of 1.2 billion euros ($1.5 billion) in the fourth quarter, after taxes related to ICI's depreciation and incidental charges of 600 million euros ($762 million).
The firm's annual loss compares with a profit of 595 million euros (US$755 million) in 2007. Latin America contributed 8% of the European company's total profits.
Compared to 2007, total sales in the industrial paints segment fell by 6%, from 2,032 to 1,915 million euros (US$2,432 million). In marine and protective paints, profits fell 8%, in automotive finishes they fell 3% and in packaging paints by 1%.
In total, sales in the four segments mentioned above fell from 1,054 to 1,098 million euros (US$1,394 million), 4% less than in 2007.
Source: Reuters.
Leave your comment