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Colgate-Palmolive net profit falls 16 percent

Colgate toothpaste is pictured on sale at a grocery store in Pasadena, California January 30, 2014. REUTERS/Mario Anzuoni

(Reuters) - Colgate-Palmolive Co (CL) reported a 16 percent drop in quarterly profit, hurt by a one-time charge related to the fall in value of the Venezuelan bolivar.

The company's net profit fell to $388 million, or 42 cents per share, in the quarter ended March 31, from $460 million, or 48 cents per share, a year earlier.

Excluding items, the maker of Colgate toothpaste earned 68 cents per share.

Sales rose marginally to $4.32 billion. Organic sales, which strip out the impact of acquisitions, divestitures and foreign exchange, increased 6.5 percent.

(Reporting by Siddharth Cavale in Bangalore and Phil Wahba in New York; Editing by Saumyadeb Chakrabarty)