US: Colgate-Palmolive ends year on weak note | Progresiv

Colgate-Palmolive has reported weaker-than-expected sales for its fiscal fourth quarter, hurt by weakness in Latin America and the impact of the dollar on its international results.

For the three months to 31 December, net sales were down 7.6% to 3.9 billion dollars, even as it reported a new loss of 458 million dollars (compared to a profit of 628 million dollars last year).

The results were hurt by price hikes during the quarter, as well as volume drops in Latin America. Profits were impacted by a 1.08 billion dollars charge related to a change in the way it accounts for its Venezuelan operations, whose assets and liabilities it said it would no longer include its results. (www.kamcity.com)