AMSTERDAM (AP) ? With its CEO on an extended sick leave, Dutch chemicals conglomerate Akzo Nobel says it has made a ?2.37 billion ($3.11 billion) loss in the third quarter after taking a massive impairment charge on its home paints business.
The company's net loss compares to profit of ?167 million in the same period a year ago. Sales rose 5.7 percent to ?4.28 billion, and Akzo Nobel, the world's biggest maker of paint by sales, said operating profit would have risen in the quarter ? were it not for the write-down on what it refers to as its "decorative" paint arm.
Akzo Nobel said Thursdsay the business's growth potential is less than it had hoped, particularly in its biggest market, Europe.
CEO Ton Buchner has been on medical leave since September due to fatigue.
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