Struggling Venezuelan economy harming foreign businesses

CARACAS, Venezuela, Feb. 11 (UPI) -- Venezuela's struggling economy is creating losses of millions to foreign businesses like PepsiCo and Coca-Cola.

PepsiCo said Wednesday that it lost $126 million last year because the bolivar, Venezuela's currency, lost value. The company warned that if the bolivar is devalued again, it would harm 2015 profits.

Fourth-quarter profits for PepsiCo fell by 25 percent. The company states there's "significant uncertainty" about the country's currency.

Coca-Cola lost more than $660 million in Venezuela in 2014.

Companies like Delta Airlines, American Airlines, Lufthansa and Alitalia have either reduced or altogether cut flights to Venezuela after citing that the Venezuelan government owes airline companies about $4 billion.

McDonald's in Venezuela is facing similar struggles. More than 100 McDonald's franchises no longer sell french fries due to shortages and now serve local cuisines like arepas or yuca, also known as cassava, as a replacement.

The chaotic currency exchange caused by currency controls in Venezuela can cause a McDonald's Happy Meal to cost anywhere from $27 at the official exchange rate or 90 cents at the black market rate.