The US cleaning product and food group Procter and Gamble on Monday, February 26, lowered its third-quarter earnings estimate in response to the devaluation of the Turlish lira. The company said its net earnings would be in the range of 69-72 cents, falling two to three cents short of earlier estimates.
Sales and unit volumes are now expected to decline by one percent in the third quarter. Procter and Gamble had earlier said sales would be in the low single digits and volume growth either flat or down two percent.
Turkey, gripped by a financial crisis that has seen a sharp fall in the value of the local currency, is Procter and Gamble's 12th largest market, accounting for around $400 million in annual sales. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
