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Chemical maker Croda warns strong pound to hit profit
June 24, 2014 / 6:31 AM / 3 years ago

Chemical maker Croda warns strong pound to hit profit

June 24 (Reuters) - British speciality chemicals maker Croda International Plc warned that full-year pretax profit would be lower than last year’s due to adverse currency movements.

Croda, which makes chemicals used in cosmetics, pesticides and detergents, said it expected to achieve underlying profit progress for the year ended Dec. 31.

Croda said if the pound remained at current levels, the currency translation and transaction effects would have reduced 2013 pretax profit of 251.4 million pounds ($427.6 million) by about 19 million pounds. ($1 = 0.5880 British Pounds) (Reporting by Karen Rebelo in Bangalore; Editing by Gopakumar Warrier)

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