Saint-Gobain posts €1.9bn net profits

Global construction materials company Saint-Gobain has posted net profits of €1.9bn for 2008.

The profits represent a 9.5% decline for the company, whose companies in the UK include Jewson, International Timber and International Decorative Surfaces.

Sales were up last year by 0.9% to €43.8bn, but most of its divisions saw a dip in business during the fourth quarter.

The building distribution division saw its sales decrease by 1.9% during the year and by 7.7% in the fourth quarter.

Saint-Gobain has launched a €1.5bn new share offering to increase its capital. The share subscription started on February 23 and ends on March 6.

It said it expected business to be difficult in 2009, especially in the first half.