AKZOY Akzo Nobel NV (QX)

By Adam Clark

Akzo Nobel NV (AKZA.AE) said Wednesday that its profit rose in the first quarter of 2019 despite lower volumes holding back revenue growth.

The Dutch paints-and-coatings company made a quarterly adjusted operating profit of 163 million euros ($183.1 million), up 9% from the year-earlier quarter.

Revenue came to EUR2.19 billion, flat from the prior year or up 1% in constant currencies. Akzo Nobel said higher prices helped offset a 7% fall in volumes, partly caused by a slowdown in China.

Raw-materials inflation added EUR77 million in additional costs for the quarter. Akzo Nobel said it is implementing pricing initiatives and cost-cutting programs.

"We continue executing our transformation to deliver the next EUR200 million cost savings by 2020, incurring one-off costs in 2019 and 2020," the company said.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

April 24, 2019 01:31 ET (05:31 GMT)

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