Dulux owner beats forecasts

City A.M. Reporter
BETTER than expected quarterly operating profits at AkzoNobel caused optimism yesterday that the Dutch paints and chemicals firm will beat its forecast of flat 2013 earnings, sending its shares up as much as nine per cent.

The owner of the Dulux paint brand has been hit in recent months by fragile consumer demand and weak housing markets in the US and Europe, but yesterday reported third-quarter operating income excluding impairments of €303m (£256m), rising 22 per cent from a year ago thanks to lower restructuring costs and higher volumes.

Shares in Amsterdam closed up 6.6 per cent at €51.63.