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[August 2002]
Second Quarter Net Income Slightly Down at Akzo Nobel
Akzo Nobel (Arnhem, Holland) reported second quarter 2002 net income down 2%. Sales and operating income were increasingly affected by weaker currencies. However, Coatings operating income was 15% up and Chemicals recorded a stable performance in difficult business conditions. Restructuring in Coatings and Chemicals is on schedule. The outlook for the whole year is for a net income slightly below that achieved in 2001.Chief Finance Officer Fritz Fröhlich said: "Second quarter net results for the Company were 2% lower than last year. Coatings had a top quarter with strong sales and a 15% better operating income. Chemicals was able to equalize last year, a solid performance in difficult business conditions. In these sectors we are clearly beginning to see the results of our aggressive restructuring effort that began last year. Pharma had a mixed performance. Sales were up 5%, but earnings declined 8%".
Akzo Nobel recorded consolidated sales of 14 billion euro in 2001 and currently employs over 67,000 people in 80 countries. The group includes a number of companies supplying the industry, including Permascand Ceramics in Sweden, a specialist in silicon powder and silicon nitride powder.
ENDS