AkzoNobel’s India reported rising revenues
thanks to increased coating sales, but profits fell in Q2, as
input prices rose.
AkzoNobel India reported revenues up 1.6%,
at Indian rupees (Inr) 7.91bn ($123.15m), thanks to a 2.5%
boost in revenues from its coating segment.
But rising material costs hit profits, as EBITDA tumbled 32%
to Inr 665.5m.
Jayakumar Krishnaswamy, managing director of AkzoNobel India,
said "the quarter’s performance has been
impacted due to slow sales growth and higher input prices".
Meanwhile, US speciality materials manufacturer TOR
Minerals International Inc. saw profits triple in the
second quarter of the year on the back of strong activity in
its alumina division, while TiO2 pigment sales were flat.
The company reported a net profit of $352,000 in Q2 against
$87,000 at this time last year – a growth of over
Revenues rose 9% in the period, mainly as speciality alumina
demand increased in a number of markets, primarily Europe.
TiO2 pigment sales posted a mixed picture in the quarter,
characterised by double-digit growth in Asia (+39%) and
Europe (+22%) while the US saw a 19% decline.
The barium sulphate and other products division was also
quite flat, with sales down 2%.
On the TiO2 business, Olaf Karasch, TOR
Minerals’ CEO, said the company has worked towards
reducing its cost profile, which means that now "TiO2 has also
begun to contribute nicely to overall profitability".
Elsewhere, Chemours reported global demand,
as it sees sales outpace the rate of global growth.
"Demand for TiO2 tends to be in line with global GDP
growth," Chemours CEO Mark Vergano told investors in
"However, this year our demand has trended above GDP in the
high single digits, a result of market supply tightness and
customer preference for our Ti-Pure products."
"If you go across the world, we’re seeing
volume growth in all regions," he said.
Titanium prices have risen in the "high single digits" over
the last quarter, Vergano said, helped by squeezed supply from
"There has been a bit of curtailment of supply out of China
as a lot of the manufacturers are under scrutiny for
environmental purpose," Vegano said.
Vergano also noted production stoppages in Europe: "I think
you’re seeing that coupled with a little bit
stronger demand (…) in the markets that we serve, and
that’s putting a little bit of pressure on right
now," he said.
Chemours reported net sales up 15% year on year in the second
quarter, at $1.6bn, realising a net profit of $161m, compared
to a loss of $18m in the same quarter last year.