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
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.
Around 1.5 million Venezuelans have decided to emigrate in search of a better future for their families. The figure accounts to between 4% and 6% of the overall population. Approximately 88% of these expatriates have made up their mind to emigrate over the last 15 years.