Akzo Nobel’s performance coatings business, which includes wood care products, registered a 23% growth in profits to €334m in the first half of 2010.
The division’s sales rose to €2.3bn, while the decorative paints business reported profits of €287m from sales of €2.4bn.
Akzo said its performance coatings were mainly driven by higher volumes; the decorative paints business improved due to the company’s strong standing in the market.
Overall, the group recorded profits of €614m from sales of €3.9bn.
“While the second quarter was clearly a good quarter, Akzo Nobel remains vigilant about the pace and sustainable nature of the economic recovery,” it said.
“Nevertheless, the company is cautiously optimistic about the prospects for the remainder of the year.”
The company said raw material price pressure and shortages are expected to continue into the third quarter.
