Lego profits grow 32 pct despite market slowdown

Danish toy maker Lego on Monday said profits rose 32 percent on strong sales in 2008 despite a slowdown in the wider toy industry.

Net profit for 2008 was 1.35 billion kroner ($232 million), up from 1.03 billion in 2007.

Sales of Lego's plastic building blocks rose 19 percent to 9.53 billion kroner ($1.37 billion) from 8.03 billion kroner the previous year.

The family-owned group does not release quarterly figures.

Lego said it saw strong sales in its City, Star Wars and Indiana Jones product lines, even though the global toy market declined because of the economic downturn.

The Billund, Denmark-based company said it expects moderate sales growth in 2009 despite the worldwide recession.

"Our optimism is supported by the results seen in the first months of the year," Chief Executive Joergen Vig said.

Though the company is not publicly listed, it has published earnings reports since 1997.