Procter & Gamble Cuts Profit Forecast on Currency Effects

Procter & Gamble Co., the world’s largest consumer-products maker, lowered its forecast for profit and sales growth this year because of currency exchange-rate fluctuations and policy changes in Venezuela.

Core earnings per share, which excludes some restructuring charges, will increase 3 percent to 5 percent this year, down from a previous forecast of 5 percent to 7 percent, the company said yesterday in a statement. Revaluing some portions of its business in Venezuela at the government-set exchange rate will result in a charge of as much as 10 cents a share, P&G said.