Maximize your media exposure with our single PR package
AkzoNobel reports Q3 FY20 revenue of €2.27 bn
21 Oct 20 2 min read
AkzoNobel, a Netherlands-based coatings company, reported 5 per cent revenue decline to €2.27 billion during third quarter (Q3) FY20 ended on September 30 compared to €2.39 billion in Q3 FY19. However, volumes rose 3 per cent, showing strong demand for decorative paints, partly offset by lower volumes of performance coatings and unfavourable price/mix.
Advertisement
“We delivered an excellent performance for the third quarter, with revenue growth in constant currencies, and business return on sales up at 17.7 per cent driven by strong discipline on margins and cost savings. These results were made possible by the continued commitment of all AkzoNobel colleagues around the world, adapting to the challenges presented by Covid-19,” AkzoNobel CEO, Thierry Vanlancker, said in a press release.
Decorative paints revenue grew 4 per cent to €1.00 billion (€968 million). Whereas, revenue of performance coatings slipped 10 per cent to €1.27 billion (€1.41 billion).
During Q3, AkzoNobel completed the acquisition of Stahl Performance Powder Coatings and its range of products for heat sensitive substrates. The deal gives the company accelerated access to unique low curing technology which is the only one of its kind in the powder coatings industry.
“Although the macro-economic environment remains uncertain, we’re continuing to build on our solid position as a frontrunner in our industry, committed to serving our customers with more innovative and sustainable solutions,” Vanlancker said.
Fibre2Fashion News Desk (JL)
Popular News
|
|
Australia ramps up sustainable fashion amid growing awareness |
|
|
Cotton yarn prices ease in north India, steady in Panipat |
|
|
Bangladesh garment makers seek US support for fair apparel pricing |
|
|
US trade bodies against tariff hike on apparels from 5 countries |
|
|
Global sports company Puma & Scuderia Ferrari launch new collection |
|
|
Indian economy projected to grow at 8-8.3% in FY25: PHDCCI |
