Akzo Nobel Profit Jumps 30 Percent

AMSTERDAM (AP) -- Akzo Nobel NV, the world's biggest maker of paints, reported Tuesday a 30 percent rise in net profit for the third quarter, as the benefits of cost cutting and restructuring offset lower sales.

Net profit was euro197 million ($293 million), up from euro152 million in the same period a year earlier. Sales fell 10 percent to euro3.64 billion.

"We have seen some signs of an improvement in emerging markets, but overall we don't foresee a quick recovery," said Akzo Nobel CEO Hans Wijers in a statement.

Akzo Nobel makes household paints such as Dulux and Flexa, as well as high-performance coatings used on appliances, packages, machinery, ships and planes.

The company has cut 3,600 jobs in the past year and now employs 57,720.

More in Supply Chain