By Cliff Peale
The Cincinnati Enquirer

A strong European currency and uncertainty over its acquisition by Procter & Gamble Co. hurt the 2003 results of German hair-care giant Wella AG.

Wella released preliminary figures Friday, saying that 2003 sales fell 2.3 percent to 3.3 billion euros, or about $4.2 billion. Profits before interest and taxes fell slightly to about 313 million euros, or about $395 million.

The currency rates hurt Wella because revenue from its products sold outside Europe is recognized in euros.

"Against the backdrop of the prevailing uncertainty among clients and employees associated with a takeover process, the company is satisfied with this performance," Wella said in a statement.

P&G now owns about 80 percent of Wella's total shares and almost all the voting shares. P&G has said some of Wella's retail divisions will be integrated into P&G units, while the professional salon division will remain independent.

P&G declined to comment on Wella's business results.

E-mail cpeale@enquirer.com.