AMSTERDAM, The Netherlands- Akzo Nobel N.V. (AkzoNobel) reported a four percent decrease in revenues in the second quarter compared with the same period last year. Operating income for the second quarter was 17 percent lower at EUR 322 million. Net income attributable to shareholders for the quarter rose to EUR 429 million, buoyed by recognition of a deferred tax asset and profit on the divestment of the company’s North American decorative paints business.
In the company’s Decorative Paints segment, second-quarter revenue declined one percent, mainly due to negative price mix and unfavorable currency effects. Volumes stabilized in some markets, in particular China, making a positive contribution in the quarter. Operating income for the second quarter totaled EUR 102 million, nine percent lower than the previous year, mainly as a result of restructuring costs in mature markets.
Revenue in the Performance Coatings segment declined one percent on largely stable overall volumes compared with the previous year. Operating income was down five percent at EUR 163 million due to investments in growth and business excellence initiatives, partially mitigated by margin management and structural cost benefits.
Revenue in the Specialty Chemicals segment was 12 percent lower as a result of the divestment of Chemicals Pakistan and lower overall volumes. Operating income was down 21 percent at EUR 121 million, mainly due to the lower volumes and the conclusion of value chain issues from the previous quarter. During the quarter, the Functional Chemicals Business Unit initiated a large restructuring program as part of the company's performance improvement program, the implementation of which will at the beginning of third quarter.