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Akzo Nobel says performance improvement program ahead of track as Q4 loss narrows

AMSTERDAM - Chemicals and paint maker Akzo Nobel says its performance improvement program is ahead of track as it reported a narrowing in its fourth quarter loss.

The company says its net loss of 59 million ($78.8 million) during the period was better than the 68 million loss it recorded a year earlier when Europe's financial crisis really dented demand.

It adds that revenue for the quarter rose 3 per cent to 3.7 billion and that it exceeded its 2012 targets with regard to its plan to improve competitiveness.

Chief Executive Ton Buechner says the company "delivered a strong set of results in difficult markets."

For the full year, Akzo made a net loss of 2.17 billion after taking a 2.1 billion charge. In 2011, it made a profit of 477 million.


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