Glass maker Saint-Gobian sees 2008 profit fall

Compagnie de Saint-Gobain, one of the World’s largest producers of glass for the construction and automobile industries, Friday said it would sell around €1.5 billion ($1.91 billion) in new shares to bolster its capital amid the deepening global economic crisis.

Saint-Gobain stock plunged on the news and and in midmorning trading in Paris was down 15.7 percent at €23.59, it’s lowest level since last October.Saint-Gobain, a company that can trace its origins back to the 17th century and a commission for the Palace of  Versailles’ Hall of Mirrors, also abandoned its earnings targets and slashed its dividend in half as it reported falling profit and prepared for “an extremely challenging” 2009.The suburban Paris-based company said recurring net profit slid 9.5 percent to €2.11 billion (US$2.66 billion) last year on a 0.9 percent uptick in sales to €43.4 billion.Businesses related to construction markets in Europe were particularly affected in the fourth quarter, as the financial crisis worsened and British and Spanish construction markets’ contraction accelerated, Saint-Gobain said.Read more. Compagnie de Saint-Gobain, one of the World’s largest producers of glass for the construction and automobile industries, Friday said it would sell around €1.5 billion ($1.91 billion) in new shares to bolster its capital amid the deepening global economic crisis.

Saint-Gobain stock plunged on the news and and in midmorning trading in Paris was down 15.7 percent at €23.59, it’s lowest level since last October.

Saint-Gobain, a company that can trace its origins back to the 17th century and a commission for the Palace of  Versailles’ Hall of Mirrors, also abandoned its earnings targets and slashed its dividend in half as it reported falling profit and prepared for “an extremely challenging” 2009.

The suburban Paris-based company said recurring net profit slid 9.5 percent to €2.11 billion (US$2.66 billion) last year on a 0.9 percent uptick in sales to €43.4 billion.

Businesses related to construction markets in Europe were particularly affected in the fourth quarter, as the financial crisis worsened and British and Spanish construction markets’ contraction accelerated, Saint-Gobain said.

Read more.

 

600450 Glass maker Saint-Gobian sees 2008 profit fall glassonweb.com
Date: 24 February 2009
Source: Iht.com

See more news about:

See more from these topics:

Others also read

Over the last five years, Sandton (South Africa) has been a magnet for large-scale developments. Designed by Boogertman + Partners Architects, the 85 000 m2 Discovery building is one of them.
Compagnie de Saint-Gobain’s Board of Directors decides to propose the renewal of the Director’s term of office of Mr. Pierre-André de Chalendar and to co-opt Ms. Dominique Leroy, CEO of Proximus, as an independent Director.
Vetrotech supplied over 1'600m2 of Contraflam Lite Structure EW30 solutions.
The glazed walkway at London’s Tower Bridge attraction, which was designed and manufactured by GLASSOLUTIONS, has been voted as winner of MyGlazing.com’s ‘Best window with a view 2017’ competition.
Architects Pelli Clarke Pelli specified the most demanding requirements for a fire-rated glass floor and skylight to date for this project including 2-hour fire rating, blast, and seismic resistance, live loading for foot traffic, and waterproofing.
WICONA, the specialist manufacturer of glazing and glass curtain walling, has worked with specialist contractor GLASSOLUTIONS to deliver the glazing and facades package for One Bedford Avenue, a flagship mixed use development in Central London.

Add new comment