AkzoNobel’s 9% earnings drop blamed on rising materials costs

AkzoNobel, the world’s largest paintmaker and owner of the Dulux brand, said today that its Q4 2011 results were hampered by rising materials costs which it now intends to pass on to customers. Revenues rose 7% to €15.7bn but earnings before interest, tax, depreciation and amortisation fell by 9% to €1.8bn and margins dropped to…