Posted on the 06-11-2020
Dutch paints and coatings manufacturer AkzoNobel said Thursday that the coronavirus crisis had led to a 30% loss of turnover in April compared to the same period last year.
However, the group said that the gradual lifting of containment measures led to an improvement in demand in May, which resulted in a smaller decline in activity, of around 20% compared to a year ago.
Thierry Vanlancker, its managing director, adds that the implementation of cost-cutting measures should enable the company to temper the impact of this shortfall on profit margins.
AkzoNobel expects to release its second quarter results on July 22nd.