Dutch company AkzoNobel profit falls 24 pct in tough market

Markets Associated Press

Dutch paints and chemicals company AkzoNobel says its net profit fell by 24 percent in the third quarter to 216 million euros ($254 million) as higher raw material costs and unfavorable exchange rates canceled out a slight rise in revenue.

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Sales have edged up by 1 percent to 3.62 billion euros ($4.25 billion) compared to the same quarter last year.

Earlier this year, AkzoNobel rejected a string of unsolicited takeover bids from American rival PPG Industries, the last offer worth $28.8 billion, saying they weren't in the interests of shareholders.

CEO Thierry Vanlancker said Wednesday that profit for 2017 is expected to be level with 2016 "due to adverse foreign exchange, ongoing industry specific headwinds and supply chain disruptions, including the adverse impact of Hurricane Harvey in the U.S."