Amcor Limited
(ASX:AMC) has announced that deteriorating economic conditions in Venezuela have impacted the business environment for its local Rigid Plastics business.
The multinational packaging business says that it faces increased variability of access to US dollars, which is required for importing raw materials through various exchange rate mechanisms.
The company also says that, as a result, it has decided to adopt the floating exchange rate for Venezuelan Bolivars, for financial reporting purposes from 30 June 2016.
Amcor says that, for the year ended 2016, operating earnings of business is not expected to be affected.
Amcor reported a net profit of $441.4 million at 31 December 2015.
