April 24, 2018 / 5:20 AM / 3 months ago

Akzo Nobel reports 28 pct drop in Q1 core profit

AMSTERDAM, April 24 (Reuters) - Dutch paints and coatings maker Akzo Nobel on Tuesday reported a larger-than-expected 28 percent drop in first-quarter core profit, as sales in the marine and oil industry continued to decline. Akzo reported adjusted operating income of 149 million euros ($182 million) for the first three months of the year, while analysts polled by Reuters had predicted a result of 181 million euros.

The results excluded Akzo’s speciality chemicals unit, which the maker of Dulux paints last month agreed to sell for 10.1 billion euros to a group of buyers led by Carlyle Group. ($1 = 0.8185 euros) (Reporting by Bart Meijer; Editing by Biju Dwarakanath)

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