AMSTERDAM Oct 18 AkzoNobel NV, the
world's largest paints maker, reported a 2.4 billion euro ($3.15
billion) net loss in the third quarter after taking an
impairment charge on its decorative paints business, citing the
weak economy in Europe.
The Dutch company, owner of the Dulux paints brand, said
that in addition to the 2.5 billion euro impairment charge, it
was also looking at further cost cuts, on top of the 500 million
euros of savings that it announced a year ago.
"The principal concern remains the decorative paint markets
in Europe. The impairment taken in this quarter is a reflection
of these concerns and our realistic assessment of the markets
going forward," Keith Nichols, chief financial officer, said in
a statement, adding a quick recovery in the economy is unlikely.
The firm - which makes performance coatings for cars,
aircraft and ships, as well as specialty chemicals such as those
used in the pulp and paper industry - reported third-quarter
earnings before interest, tax and depreciation (EBITDA) of 540
million euros on revenue of 4.28 billion euros.
Analysts in a poll commissioned by Reuters had forecast
EBITDA before incidentals of 540 million euros and a net profit
of 154 million euros, on revenue of 4.267 billion euros.