Akzo Nobel's 2nd-qtr sales hit 3.57B euros

Dutch pharmaceutical and chemicals firm Akzo Nobel said that its second quarter 2006 operating income was 365.0 million euros ($462.6 million), falling short of analysts consensus estimate of 385.0 million euros, but in line with Lehman Brother's prediction of 364.0 million euros.

Despite this, the group's revenues in the period increased 7% to 3.57 billion euros, due to growth across all of its operational divisions. Key to the success was the performance of Organon, the group's human health care business, which saw revenues hit 675.0 million euros for the quarter, up 12% on the previous comparable period. The firm went on to explain that the performance of key pharmaceuticals, specifically NuvaRing (the once monthly contraceptive ring), Puregon (follitropin beta injection) and the slower-than-expected decline in revenues from Remeron (mirtazapine), were the basis for Organon' growth.

Akzo added that it had also seen a strong contribution from its chemicals and coatings divisions, which hit sales of 981.0 million euros and 1.64 billion euros, respectively.