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• H1 consolidated net sales up 23.9%
• Consolidated net sales for the quarter increases by 24.3%
• H1 standalone net sales up 27.2%
• Standalone net sales for the quarter increases by 25.5%
• Interim dividend of 95%
Asian Paints announced its financial results for the quarter and six months ended September 30, 2011.
"Decorative products sales in India were impacted by the extended monsoon during the second quarter. In most segments, underlying demand has been good. Continued upward trend in raw material prices along with depreciation in the rupee remain an area of concern,” said PM Murty, managing director and CEO, Asian Paints.
"Political events and macro economic uncertainty in some countries continue to affect international performance though South Asia has done well,” he added.
PPG posts higher Q3 sales
PPG Industries saw sales rise 11% in Q3, with gains helped by the company’s moves to raise prices as a way to counter higher commodity costs. The company posted profits of US$311M (US$1.96/share), for Q3 (US$262M or US$1.58/share y-on-y). Net sales were US$3.8bn compared to last year’s US$3.5bn.
AkzoNobel launches major improvement programme
AkzoNobel has announced revenue growth of 5%, driven by pricing actions to offset raw material cost inflation. Market conditions have become more difficult since the second quarter, which has had an impact on results, particularly in decorative paints.
While the overall top-line growth remained relatively strong, volume development continued to soften. In addition, input costs continued to rise, outpacing selling price increases. Consequently EBITDA decreased 12% to €507M. Further price increases are being implemented and the cost base is being adjusted.
A major performance improvement programme has been launched, featuring 20 master plans with over 100 detailed initiatives and the full €500M EBITDA will be delivered in 2014.