Dutch chemicals firm AkzoNobel NV has reported its first quarter results with a 7% decline in revenue due to weak demand from the European markets and from divestments, such as the Decorative Paints North America, which has completed the divestment on April 1 and the Chemicals Pakistan in December last year

The company’s operating income during the quarter fell by 8% to EUR217 million, whilst the net income attributable to shareholders is pegged at EUR89 million, a slight increase to the previous year at EUR84 million

Revenues in Decorative Paints declined 5%, especially due to lower volumes in Europe, price/mix goods and currencies; and in the Performance Coatings, a 3% drop compared in the previous year.. The slack in Europe impacted all businesses. Specialty Chemicals revenues also dropped by 11% due to divestments and lower volumes.