Baker Hughes sees $25 mln hit from Venezuela devaluation
Feb 13 (Reuters) - Baker Hughes Inc believes Venezuela's devaluation of its currency will result in a loss of about $25 million this quarter, according to the oilfield services company's annual report filed on Wednesday.
Last week, Venezuela devalued its bolivar currency by 32 percent, in a widely expected move to shore up government finances.
The $25 million represents 9 percent of the average net income estimate for Baker Hughes in the first quarter, according to Thomson Reuters I/B/E/S.
On Monday, larger rival Halliburton Co said the devaluation in Venezuela would lead to a foreign currency loss of about $30 million - about 6 percent of what analysts expect it to make in the first quarter.
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Malaysian plane crashed off Vietnam coast: state media
- Fresh confrontations raise tempers on ground in Crimea |