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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The rock of discord

A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

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