Financial results: AkzoNobel posts Rs188m profit

KARACHI: AkzoNobel Pakistan Ltd has posted a profit-after-tax of Rs187.681 million for the six months ending December 31, 2011. According to AkzoNobel, earnings per share (basic and diluted) stood at Rs8.08 for the period under review. The company also posted unaudited results for the first quarter of 2012, in which it made a profit after tax of Rs35.078 million. Administrative and general expenses for the quarter stood at Rs141.83 million; while selling and distribution expenses amounted to Rs206.681 million. Previously, Akzo Nobel NV completed restructuring of its activities in Pakistan by formally establishing AkzoNobel Pakistan Limited as a separate legal entity from ICI Pakistan. The new AkzoNobel Pakistan business is focused on three core areas, namely decorative paints, performance coatings and specialty chemicals. The coatings activities of ICI Pakistan were transferred to newly-formed AkzoNobel Pakistan through a legal process of demerger.

Published in The Express Tribune, July 4^th, 2012.