* Q2 EBITDA 509 mln euros vs 482 mln avg in Reuters poll
* Q2 sales drop 4 pct on divestments and currency headwinds
* Says on track to meet 2015 targets
(Adds CEO comment, details outlook)
AMSTERDAM, July 23 AkzoNobel reported
higher-than-expected second-quarter earnings on Wednesday,
helped by growth in its decorative paints business in Asia and
The Dutch paints and chemicals firm also said it remained on
track to meet its 2015 targets despite a fragile economic
environment and a strong euro.
AkzoNobel reported 7 percent higher quarterly earnings
before interest, tax depreciation and amortization (EBITDA) of
509 million euros ($685.27 million) due to cost cutting.
These offset a 4 percent drop in revenue to 3.71 billion
euros as a result of divestments and the strong euro, the
Analysts in a poll commissioned by Reuters had forecast
EBITDA of 482 million euros on sales of 3.82 billion euros.
"We are on track to deliver on our 2015 financial targets,"
said AkzoNobel Chief Executive Ton Buechner in a statement.
By 2015 AkzoNobel wants to reach a 9 percent return on
sales, 14 percent return on invested capital and a ratio of net
debt to EBITDA of less than 2.
($1 = 0.7428 euros)
(Reporting by Harro ten Wolde; Editing by Michael Urquhart)