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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.
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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