AkzoNobel N.V. today provided a further update on recent business performance and announced its preliminary financial results for the second quarter of 2020.  

 

The company said its second-quarter adjusted operating income fell 22% to 238 million euros on revenue down by 19% to 1.98 billion euros as against 2.45 billion euros in 2019.

 

However the company reported that its decline in sales eased to 5% in June as measures to combat the coronavirus pandemic started to ease in many places. This marks an improvement as sales in April and May fell by around a quarter due to economic lockdowns enforced across the globe.

 

Trends have differed significantly per region and segment. Demand for Decorative Paints rebounded strongly in Europe – and faster than company planning assumptions. By the end of the second quarter, China had almost recovered to previous levels, although other regions continued to be impacted by varied degrees of lockdown. As expected, demand for Performance Coatings continued to improve during the quarter, although remained significantly below the previous year, especially for automotive and aerospace related markets.

 

The company will publish it full second-quarter results on July 22.