Coatings giant Akzo Nobel NV, which owns the Sikkens and Dulux Trade brands, has reported 2009 net profits of €278m.
The result was a vast improvement on 2008 when it recorded a €1.1bn net loss from continuing operations.
Sales were down 10% to €13.8bn. The group said the results achieved in such challenging conditions reflected the underlying strength of the company and the successful implementation of ongoing restructuring and cost reduction programmes.
Sales in the decorative paints division fell 7% to €4.67bn, with earnings (before interest, tax, depreciation and amortisation) down by 18% to €492m.
The performance coatings business, including Sikkens and Casco wood adhesives and board resins, actually saw sales grow by 4% to €587m, with sales down by 12% to €4bn. Fourth quarter revenue was up 30% to €153m.
