AkzoNobel posts in line Q2 results as cost control pays off
AMSTERDAM, July 21 (Reuters) - Speciality chemicals and paints maker Akzo Nobel said it was on track to meet its 2015 targets on Tuesday as it posted second-quarter results that were broadly in line due to tight cost control.
The company posted higher revenues in all its three divisions - paints, speciality chemicals and advanced coatings - despite slowing growth in markets including Brazil, Russia and China and no sign of an improvement in Europe overall.
Market trends were positive in North America, the company said.
The company earned returns on sales of 12.3 percent in the quarter, and said it still expected to meet its full-year target of a 9 percent return on sales.
"The global economy remains challenging and shows a very mixed picture with different dynamics per region and customer segments," said Chief Executive Ton Buchner in a statement.
Earnings before interest, tax, depreciation and amortisation were up 20 percent at 610 million euros ($659.9 million) off revenues that were up 6 percent at 3.9 billion. ($1 = 0.9244 euro) (Reporting by Thomas Escritt; Editing by Anand Basu)
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