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news.AkzoNobel, a producer of specialty chemicals, has reported revenue of EUR3.25bn for the first quarter 2010, an increase of 6%, compared to EUR3.06bn for the comparable period in 2009.
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AkzoNobel has posted a net income of EUR81m, or EUR0.35 per diluted share, compared to net loss of EUR7m, or EUR0.03 per diluted share, for the prior year period.
Operating income was EUR224m, compared to EUR110m for the year ago period. EBITDA was EUR399m, an increase of 38%, compared to EUR289m for the year ago period
Hans Wijers, CEO, said: “We’ve had a good start to 2010, particularly in higher growth markets, where our performance was strong. While revenue growth across all AkzoNobel’s businesses has been solid, our Q1 performance compares with a particularly weak first quarter in 2009.
“We expect pressure from further raw material cost increases during the year and remain cautious about the strength of the recovery. AkzoNobel will continue to focus on customers, cost reduction and cash generation, but we will also prioritize investments and initiatives to ensure that the company is able to capture growth.”