European Flooring Panel Maker Sees Lower Income

Kingscourt, Ireland, Nov. 17, 2008--Kingspan Group Plc, Europe's largest maker of flooring and insulation panels, forecast a 33 percent drop in operating profit this year as construction activity cools and said 2009 may be even ``tougher.''

Sales in the 10 months through October fell 9 percent, the company said in a Regulatory News Service statement. Excluding currency movements, sales were down 3 percent.

Kingspan said it will book a $31.4 million expense this year for overhauling businesses.

``In the short term, management are continuing to take significant actions and initiatives to reduce costs in anticipation of the fact that 2009 is almost certain to provide even tougher challenges than those encountered in the current year,'' the company said.