AMSTERDAM (AP) — With its new CEO on an extended sick leave, Dutch chemicals conglomerate Akzo Nobel NV reported Thursdsay a €2.37 billion ($3.11 billion) loss in the third quarter after taking a massive impairment charge on its home paints business.

The net loss compares with profit of €167 million in the same period a year ago though sales rose 5.7 percent to €4.28 billion. Akzo Nobel, the world’s biggest maker of paints and industrial coatings by sales and the main supplier for Wal-Mart and Home Depot, said it would have made a profit if not for the write-down on what it refers to as its “decorative” paint arm.

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