Net profit of AkzoNobel dips by 18% for quarter-ending June 2015
Gurgaon-based paints and coatings maker AkzoNobel India have reported an 18% dip in net profit, which stood at Rs 45-crore for the quarter ended June of the 2015-16 fiscal year
17 Aug 2015 | 2634 Views | By Priya Raju
However, the company’s operating profit grew 14% to Rs 61 crore.. Also, net sales of the company stood at Rs 645-crore up by 2,6% compared to Rs 628-crore for the same quarter last year.
A drop in its income from investments brought its net earnings down during the quarter.
Citing reason for the dip, Jayakumar Krishnaswamy, managing director, said, "Owing to continuous efforts towards improving efficiency and optimum utilisation of existing assets, the company has been able to consistently deliver and add value to our stakeholders.” “He further added that, "A healthy upswing in the operating profit is reflective of our constant pursuit of excellence and quality."
On Friday, 14 August 2015, AkzoNobel India's stocks dipped 2.89% to Rs 1,393.55, while the benchmark BSE 30-index surged 1.88% to 28,067.31.