Akzo Nobel says profits up sharply, cautiously optimistic

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Dutch-Swedish chemical group Akzo Nobel said on Friday its second-quarter net profit soared but that it remained cautious over the pace of the economic recovery.

The company reported a three months to June net profit of 273 million euros (352 million dollars), up 76 percent from the figure 12 months earlier and more than three times its first-quarter earnings of 81 million euros.

Analysts polled by Dow Jones Newswires put second quarter net profit at 205 million euros.

Sales were up 13 percent from second quarter 2009 at 3.9 billion euros.

The company said it was cautious despite the strong figures.

"Akzo Nobel remains vigilant about the pace and sustainable nature of the economic recovery. Nevertheless, the company is cautiously optimistic about the prospects for the remainder of the year," it said in a statement.

© 2010 AFP

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