ESPACIO PUBLICITARIO
CARACAS, Monday February 25, 2013 | Update
 
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DEVALUATION

Johnson & Johnson estimates profit loss upon Venezuelan devaluation

The company projects that devaluation will translate into a loss of four cents per share in the first quarter, yet it will not hit profits in 2013

EL UNIVERSAL
Monday February 25, 2013  02:22 PM
Consumer and health product firm Johnson & Johnson said Monday that it expects to take a charge of about USD 100 million in the first quarter due to Venezuela's currency devaluation.

J & J said that the charge is equivalent to about four cents per share and will not hit the company's estimated income in 2013 (USD 5.36-5.45 per share), Reuters informed.

Early in February, Venezuela devaluated the bolivar from VEB 4.30 to VEB 6.30 per US dollar. This is the country's fifth devaluation in 10 years.
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Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.

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