ESPACIO PUBLICITARIO
CARACAS, Thursday February 14, 2013 | Update
 
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DEVALUATION

Baker Hughes forecasts USD 25-million loss upon devaluation in Venezuela

The fall in the revenue of the oil services firm will represent some nine percent of the estimated average net income in the first quarter, Reuters reported

EL UNIVERSAL
Thursday February 14, 2013  01:51 PM
Oil services company Baker Hughes calculated that devaluation of the Venezuelan currency from VEB 4.30 to VEB 6.30 per US dollar would unavoidably result in a USD 25 million loss this quarter, according to an annual report published on Wednesday.

The fall in the revenue of the oil services firm will represent some nine percent of the estimated average net income in the first quarter, Reuters reported.

Last Friday, the Venezuelan Government announced it would devalue its currency to bring relief to public finances. The adjustment in the foreign exchange rate entered into force this Wednesday.

Additionally, Baker Hughes' major rival, Halliburton Co. estimated that devaluation in Venezuela would lead to exchange losses amounting to some USD 30 million, around 6% of the expected revenue in the first quarter.

Translated by Jhean Cabrera
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