World's largest paint maker Akzo Nobel NV reported narrowed loss for the fourth quarter of 2009 due to write off the losses of last financial year and growth in the demand for the key markets.

Company recorded a decline of 7 percent in the sales mainly due to decline in the demand of decorative paints arm and industry coat arm which recorded a decline of 4 percent and 8 percent respectively.

The company reported net loss of euro 60 million against the loss of euro 1.51 billion over the previous financial year. Company has reached this level through the restructuring activities which includes closure of 29 factories and job cuts. Considering the slow demand in Europe and US markets, the company plans to maintain the restructuring activities.

According to Hans Wijers, chief executive of Akzo Nobel, "Company's volume development per quarter confirms that the stabilization it has reported at the end of the third quarter has continued. However, he believes the recovery is fragile and will be slow."