Amsterdam, the Netherlands - AkzoNobel NV's Performance Coatings business, which includes some polyurethane activities, has reported a 14-percent drop in revenue in the second quarter of 2009 (Q2) compared to the same period last year.
Earnings in the coatings unit were down by 15.8 percent compared to Q2 2008 but improved slightly from the first quarter of 2009. Integration savings and strong cost-management initiatives have helped to mitigate the volume shortfall, the company said 29 July.
In a breakdown by region for Performance Coatings, AkzoNobel said market share was gained in Latin America, the Chinese market further stabilised, performance in India was positive, but markets in Asia were mixed. "Overall, margins were positively impacted by price increases implemented in 2008," the company said.
For the company as a whole, revenue was down by 10 percent to Euro 3668 million ($5200 million), volumes declined by 16 percent compared to Q2 2008, but were slightly better than in the first quarter of 2009, and earnings fell 9 percent to Euro 527 million. (RD)