AkzoNobel Posts a First-Quarter Net Loss

AkzoNobel posted a net loss of €7 million ($9 million) for the first quarter of 2009 compared with a €105-million net profit in the first quarter of 2008, on sales down 13%, to €3.3 billion. AkzoNobel’s first-quarter operating profits from continuing operations and before exceptional items fell 50%, to €142 million. The figure was below analysts’ forecasts of €185 million-€190 million. Quarterly Ebitda fell 33%, to €296 million, eroding AkzoNobel’s Ebitda margin, which contracted to 9% from 11.7%. Nevertheless...

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