UPDATE 1-Colgate-Palmolive profit drops 16 pct as Venezuelan bolivar pinches

viernes 25 de abril de 2014 08:44 GYT

* 1st-quarter adj earnings $0.68/share, in line with estimates

* Sales rise marginally to $4.33 bln vs est $4.32 bln

* Organic sales rise 6.5 pct (Adds details on Venezuelan currency devaluation, graphic, shares)

By Siddharth Cavale

April 25 (Reuters) - Colgate-Palmolive Co reported a 16 percent drop in quarterly profit, hurt by a one-time charge related to the fall in value of the Venezuelan bolivar.

The devaluation of the Venezuelan currency has hurt many companies including Ford Motor Co, Procter & Gamble Co and Mondelez International Inc, the maker of Cadbury and Oreo, as it reduces the value of sales in the Latin American country.

Colgate, which controls nearly 45 percent of the global toothpaste market, booked an after-tax charge of $174 million due to changes in Venezuela's foreign exchange, lower than its February estimate of $180 million-$200 million.

The company said it expects such charges to continue, hurting earnings by about 3 cents per share per quarter during 2014. Latin America is the company's biggest market by sales.

Procter & Gamble, the maker of Pampers diapers and Tide detergent, said on Wednesday its quarterly earnings were hurt by 10 cents per share due to the changes in Venezuela.   Continuación...