Welcome Guest to Happi

Subscribe Free: Magazine | eNewsletter

current issue November 2015
 •  The Laundress Opens Flagship Store  •  New Anti-Aging Active at Silab  •  Innospec Attains Cosmetic GMP Certification  •  Herbalife Clears Another Legal Hurdle  •  Mary Kay Picks Location for New R&D Center

Venezuela Puts a Hurt On Colgate's Results

Published February 19, 2014
Related Searches: colgate quarter world share
Post a comment
Colgate, the world's biggest maker of toothpaste, said Tuesday it will take a one-time charge of as much as $200 million as a result of new monetary policies in Venezuela. In January, the Venezuelan government said foreign companies investing in Venezuela will be required to make purchases at a rate established at weekly central bank auctions. Colgate said the latest price was 11.7 bolivars per dollar. The official exchange rate is 6.3 bolivars per dollar.

Colgate-Palmolive Co. said that if the rate remains at 11.7 bolivars per dollar, it expects a charge of $180 million to $200 million, or 19 to 21 cents per share, in the first quarter.

It said that at current rates, the policy would also reduce its annual net income by 11 to 14 cents per share.

blog comments powered by Disqus