The company attributed the flat results to declining demand from emerging markets such as Russia, as well as a $US349m ($A526m) charge incurred from a company restructure which saw 3000 jobs cut worldwide.

The company’s full-year 2008 net income was $US230m ($A347m), whilst total revenue was $US17.6 billion ($A26.5bn), a 2 per cent increase on 2007.

“In the fourth quarter, the continued weakening economy and rapid shift in exchange rates put pressure on the business,” said chairman and chief executive officer Anne Mulcahy. “Despite this challenging marketplace, we delivered $US265 million ($A400m) in adjusted net income for the quarter and $US985 million ($A1.49bn) for the year.”

“As we head into the first quarter [of 2009], we do expect the weak worldwide economic conditions, as well as unfavorable exchange rates, will continue to put pressure on the business.”

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