Times Staff and Wire Reports

PepsiCo Hit by Peso's Fall: In one of the largest peso losses reported by a U.S. company, PepsiCo said it lost $275 million in assets from the decline in value of the Mexican peso in late 1994. The Purchase, N.Y.-based beverage, restaurant and snack food company made the disclosure in its annual 10-K filing with the Securities and Exchange Commission. The filing said that the effect of the currency's fall was immaterial for last year's earnings and that the impact in the first quarter was difficult to gauge. Pepsi's Mexican operations were about 5% of the company's assets in 1994 and provided 7% of the company's revenue and 8% of operating profit.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World