Leading paint producer Jotun of Norway is facing headwinds in both shipping and offshore sectors, leading to lower earnings despite an increase in sales.
The privately-owned company logged a pre-tax profit of NOK 1.24bn ($155m) in the first eight months this year.
That is down 25% on a profit of NOK 1.65bn in the same period last year.
Jotun president Morten Fon says low oil prices have slowed development in the offshore sector, while "tonnage overcapacity has depressed newbuilding orders" in the shipping industry.
