Akzo Nobel Q1 Net Profit Drops 45%

Akzo Nobel NV (OTC: AKZOF) reported a decline in its first-quarter net profit. Akzo Nobel's net profit dipped 45% to EUR71 million, versus estimates of EUR99.4 million. Its revenue climbed 5.6% to EUR3.97 billion, versus analysts' estimates of EUR3.85 billion. At its Decorative Paints division, revenue surged 3.8% to EUR1.24 billion. Performance Coatings revenue surged 11% to EUR1.37 billion, while Specialty Chemicals revenue gained 3.6% to EUR1.4 billion.