Revlon posts lower first quarter profit
April 29 (Reuters) - Cosmetics maker Revlon Inc (REV.N) posted a lower first-quarter profit, weighed down by one-time charges.
The company, controlled by financier Ronald Perelman, posted a net profit of $2.2 million, or 4 cents a share compared with $12.7 million, or 25 cents a share, a year ago.
Net income included $9.7 million of credit refinancing expenses and a $2.8 million charge related to currency devaluation in Venezuela.
Revenue rose marginally to $305.5 million.
Excluding the favorable impact of foreign currency fluctuations of $9.0 million, net sales fell by 2.2 percent.
Earlier this year, Revlon, which sells its products under brands such as Charlie and Mitchum, said its 2010 results would be hurt by currency devaluation in Venezuela.
Venezuela largely depends on imports for consumer goods and the devaluation of its currency, the bolivar, means that many products will cost more for people who live there and also hurt many U.S. companies that do business there.
Shares of the New York-based company closed at $16.83 Wednesday 28 April on the New York Stock Exchange. (Reporting by Vidya Lakshmi in Bangalore; Editing by Maju Samuel)
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