P&G profit soars as core sales turn positive

AFP, NEW YORK:  US consumer products giant Procter & Gamble reported a jump in second-quarter earnings Tuesday, despite a strong dollar that continued to depress the value of foreign sales.
Net income of $3.21 billion was up 35.1 per cent from the year-ago period as it cut costs and focused on products with higher profit margins.
Earnings were $1.12 per share, while core EPS was $1.04, beating the 98 cents projected by analysts.
Revenues slumped nine per cent to $16.9 billion in the quarter ended in December, in line with expectations.
The Cincinatti, Ohio-based company said the decline was mainly due to the stronger dollar and a smaller impact from changes in its accounting of the Venezuela business following foreign exchange policy changes in the South American country.
But stripping out the foreign exchange factor and investments and divestitures, so-called “organic” sales increased two percent.

P&G profit soars as core sales turn positive

AFP, NEW YORK: US consumer products giant Procter Gamble reported a jump in second-quarter earnings Tuesday, despite a strong dollar that continued to depress the value of foreign sales. Net income of $3.21 billion was up 35.1 per cent from the year-ago period as it cut costs and focused on products with higher profit margins. Earnings were $1.12 per share, while core EPS was $1.04, beating the 98 cents projected by analysts. Revenues slumped nine per cent to $16.9 billion in the quarter ended in December, in line with expectations. The Cincinatti, Ohio-based company said the decline was mainly due to the stronger dollar and a smaller impact from changes in its accounting of the Venezuela business following foreign exchange policy changes in the South American country. But stripping out the foreign exchange factor and investments and divestitures, so-called organic sales increased two percent.