Colgate-Palmolive Net Profit Falls 16 Percent
Colgate-Palmolive Company 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 company’s net profit fell to $388 million, or 42 cents per share, in the quarter ended March 31, from $460 million, or 48 cents per share, a year earlier. Sales rose marginally to $4.32 billion. Organic sales, which strip out the impact of acquisitions, divestitures and foreign exchange, increased 6.5 percent.
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