Oil above $100 could lift Beiersdorf costs, CFO says
Oil above $100 could lift Beiersdorf costs, CFO says Oct 27 (Reuters) - Beiersdorf's BEIG.DE chief financial officer Astrid Hermann said on Tuesday that an oil price above $100 for an extended period could put upward pressure on the company's costs.
Fighting between the U.S. and Iran has restricted shipping through the energy chokepoint of the Strait of Hormuz, pushing up global oil and gas prices.
So far, the situation has been managed well by the firm, Hermann added.
She said the most immediate impact from the situation in the Middle East is higher logistics costs, while the company has found ways around the disruption of its supply chains.
In August, the firm said the conflict in the Middle East was disrupting both sales and deliveries in key Gulf markets, highlighting how geopolitical tensions continue to affect consumer-goods companies operating in the region.
(Reporting by Paolo Laudani and Cian Muenster; editing by Bartosz Dabrowski)
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