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Colgate-Palmolive Co And Halliburton Co Sees Q1 2013 Charge From Venezuela's Devaluation Of Currency-DJ

Tuesday, 12 Feb 2013 12:57am EST 

Dow Jones reported that global companies are bracing for potentially significant write-downs stemming from Venezuela's devaluation of its currency against the dollar. On Monday, Colgate-Palmolive Co and Halliburton Co both said they would book charges in the first quarter of 2013 as a result of the devaluation of the bolivar fuerte, or strong bolivar, as the currency is officially known. The government of ailing President Hugo Chavez would slash the value of the bolivar by nearly one third. Colgate said it would incur a charge of $120 million related to the currency devaluation. The after-tax charge amounts to 25 cents a share and will be taken in the first quarter of 2013. 

Company Quote

-1.23 -2.21%
22 Oct 2014