International.
AkzoNobel reported its first quarter 2016 results with volume developments across all three business areas despite a challenging market environment.
Operating profit increased to 17% to €357 million, following the €306 million recorded in 2015. EBITDA grew to 9% to €334 million, compared to €306 million the previous year, reflecting continuous improvement initiatives and lower costs, partly offset by adverse currency effects. Revenue was down 4% due to adverse currency, price/mix and divestment effects.
Profitability improved, with sales performance at 9.7% compared to 8.5% last year.
"During the first quarter we grew volumes in all business areas and continued to improve profitability despite a challenging market environment and negative currency effects. Net profit improved by 50% and we continue to further strengthen our businesses by delivering our continuous improvement strategy, organic growth and innovation. During the period we agreed on an offer for the acquisition of the BASF Coatings Industrial division that fits well with our existing business, adding to our offer of essential solutions for our customers," commented Maëlys Castella, Chief Financial Officer of AkzoNobel.
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