Akzo Nobel announces 6% top-line growth from present operations
21 Jul '05
7 min read
International pharmaceuticals, coatings and chemicals company Akzo Nobel reported 6 percent top-line growth from present operations with revenues of EUR 3,354 mln and net income of EUR 182 mln up 22 percent on the corresponding period of 2004.
EBIT from present operations was up 25 percent at EUR 341 mln (2004: EUR 272 mln) due to favorable one-off items. EBIT excluding these one-offs was 9 percent below last year at EUR 312 mln (2004: EUR 343 mln).
For the first half of 2005, net income jumped 66 percent to EUR 469 mln. This includes the EUR 149 mln pretax special benefit to Organon from the termination of the Risperdal copromotion.
Commenting on the Company's second quarter 2005 figures, Rob Frohn, Akzo Nobel's CFO said, “They are seeing encouraging developments across our businesses despite lower like-for-like operating income. Organon's top-line grew across the board and as planned R&D expenditures are being ramped up substantially.
Intervet had its best quarter in three years as a result of new product introductions and major efficiency gains.
Pressure on Coatings margins continued, although the impact of raw materials costs was increasingly offset by successful price increases. Market conditions in Europe were difficult; Asia continues to be a growth story. Chemicals was impacted by higher energy prices and incidentals such as the strike in the Finnish pulp industry and a scheduled stop in Rotterdam. The Chemicals divestment program is on track.”
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