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Jotun Group has recorded a nine per cent growth in operating revenues in Q1 2012 as regional sales in the powder coatings and paints divisions increased
In the first four months of 2012, Jotun recorded operating revenues of US$618 million, up from $568 million recorded in the same period last year. Profit for the period rose to $48.1 million, up from $42.6 million in the first four months of 2011.
Jotun chief executive officer Morten Fon commented, “We have had a satisfactory start to the year in terms of both sales and profitability.
"Slow economic development in Europe has been outweighed by growth in other geographies.”
A key contributor to Jotun’s good start to 2012 was its paints division in the Middle East, which posted strong results thanks to sales growth driven by excellent performances in Saudi Arabia, Oman, UAE, Indonesia and Malaysia.
The company’s powder coatings division also saw sales rise sharply in the Middle East and in South East Asia.