Thorsten Heins acknowledged that the results are not as expected BlackBerry.
The negative sorpredentemente outcomes BlackBerry handset maker may have to do with the better performance of the iPhone or Android from Samsung, but also, according to the company, are the fault of the change control Venezuela.
While in the world of finance expected an earnings report by the Canadian company, however, ended reporting losses of $ 84 million in the first quarter of fiscal 2013, which ended June 1.
Although the company grew revenue by 9% to $ 3,100 million, his biggest problem was that BlackBerry estimates the rigid change control cost Venezuela $ 72 million.
is that even though the BlackBerry is the most popular smartphone in the Caribbean country, success in bolivars not end resulting in dollar earnings, quite the contrary.
rigid policy governing change control for a little over ten years prevented the repatriation of earnings. Since 2009, any multinational has earned dollars for something else other than matter and that when they get them.
addition, in February, the government announced a devaluation did spend 4.3 bolivar per dollar to 6.3. And that is a blow to the balance sheets of all operating in the country. click
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“Marathon”
BlackBerry
president, Thorsten Heins acknowledged that Globlal level results for the first quarter of the year had been weaker than expected, but said that there is the race for the recovery of global market share as a marathon .
The touchscreen Z10 is the hope of recovery from BlackBerry.
To compete with Apple’s iPhone and the various manufacturers that incorporate Google’s Android, the company has opted for the new BB10 operating system and a new generation of touch screen phones.
Building on the launch of its new models, BlackBerry distributed 6.8 million units worldwide. That was a 13% increase from the previous month but a million less than the same period in 2012.
“In the next three quarters will increase our investments to support the deployment of new products and services, and to demonstrate that BlackBerry has established itself as a leading and vibrant leader in the next generation of mobile solutions for both the consumer and the enterprise, “Heins said.
However, that spoke Heins marathon encounters an obstacle shared by all multinationals operating in Venezuela: change control is preventing repatriate capital.
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“Devaluation”
Banchs Economist Angel Garcia, director of Econometrics, explains that the blow to your finances in Venezuela accused by BlackBerry is in local currency devaluation in February when the bolivar per dollar from 4.3 to 6.3.
analyst with positions close to the opposition, consideraque hit BlackBerry’s shares, which fell 26% only announce their results would have been worse if the financial markets knew the reality of the Venezuelan currency market.
The government defends the change control policy to prevent capital flight.
“They do not report the rate of change ‘true’ but the ‘artificial’ (…). If depreciation were using the black market, its shares fall more. The real world is much worse,” said Garcia Banchs the BBC.
Garcia Banchs
there is “a problem of asymmetric information.” That is, investors are referenced to the official exchange rate of 6.3 and she attributed their losses, when what the economist calls the “real rate”, the illegal parallel market, can reach quintuplicarlo (it is forbidden to say that figure).
“The shares fell by devaluation, but if they knew the truth that the day when free repatriate change control will be at rates not dream resemble official,” added the economist.
Garcia Banchs estimated
day they can repatriate their dividends, multinationals will have to settle for a rate of one hundred per dollar. And there arises feasible at least two or three years.
“There is no way to go. TNCs are trancadas in Venezuela. dollars to operate No, not to repatriate dividends, therefore can not even close. It’s best to buy real assets to protect the value of heritage”, said.
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Without
dollars since 2009
general manager of the Venezuelan-American Chamber of Commerce and Industry (VenAmCham), Carlos Tejera, he told BBC News that “more than four or five years that multinationals have not obtained government currency for remittance of dividends and that’s a problem for companies. “
“They are swimming in liquidity in bolivars and inflation is constantly losing value,” said Tejera. In the last twelve months, according to official data, inflation was over 32%.
Tejera said to protect, foreign multinationals have chosen to buy real estate, cars or fleets to invest in local businesses.
“Many of them are sitting on a huge amount of bolivars.’ve requested their currencies, but the government’s message has consistently been that there are earmarking for dividends,” said Tejera.
“The point is that I have counted as income but can not materialize and send it to your company,” he said.
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