International. Akzo Nobel has released its results for the fourth quarter and the full year 2016. The company's revenue fell 3% year-on-year to €3.46 million in the fourth quarter, while earnings before interest and tax (EBIT) decreased 12% to €235 million.
Net profit fell 34% year-on-year to €133 million in the fourth quarter of 2016, due to restructuring costs and lower demand from the oil and gas and marine industries.
For the full of 2016, revenue was down 4% due to unfavorable currency and price/mix effects. EBIT rose 3% to €1,502 million (2015: €1,462 million), positively impacted by volume growth, continuous improvement and lower costs.
For 2017 Akzo Nobel anticipates positive developments for EMEA, North America and Asia, improving during the year, while Latin America is expected to stabilize. Some economic and political uncertainty is expected to remain. Market trends experienced in the second part of 2016, including those in the maritime and oil and gas sectors, are expected to continue in the first half of 2017.
