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Akzo Nobel says performance improvement program ahead of track as Q4 loss narrows

AMSTERDAM – Chemicals and paint maker Akzo Nobel says its performance improvement program is ahead of track as it reported a narrowing in its fourth quarter loss.

The company says its net loss of €59 million ($78.8 million) during the period was better than the €68 million loss it recorded a year earlier when Europe’s financial crisis really dented demand.

It adds that revenue for the quarter rose 3 per cent to €3.7 billion and that it exceeded its 2012 targets with regard to its plan to improve competitiveness.

Chief Executive Ton Buechner says the company “delivered a strong set of results in difficult markets.”

For the full year, Akzo made a net loss of €2.17 billion after taking a €2.1 billion charge. In 2011, it made a profit of €477 million.