P&G profits up in quarter to June on higher sales, wider margins

05 August 2011 14:30  [Source: ICIS news]

LONDON (ICIS)--Net profit increased by 15% at US-headquartered pharmaceuticals company Procter & Gamble (P&G) in the three months to 30 June, on the back of improving margins and a 10% jump in sales, the company said on Thursday.

P&G’s net sales during the quarter were $20.9bn (€14.8bn), up from the $18.9bn it generated in the same period of 2010, the company said in a press release. Net profits were $2.51bn, up by 15% from $2.19bn in the same period a year earlier.

"We are pleased with the strong top- and bottom-line performance in the quarter," said chairman of the board, president and CEO Bob McDonald. "We delivered organic sales growth of five percent and earnings per share growth of 18% in a challenging environment, driven by our ongoing commitment to make a difference in the everyday lives of the world's consumers."

P&G, whose fiscal year runs from 1 July to 30 June, also reported its 2010-2011 full-year earnings. Net sales for the year were $82.6bn, up 5% from the $78.9bn reported for 2009-2010. Net income for the year was $11.8bn, a 7% drop from the $12.7bn it made for the previous year.

($1 = €0.71)

By: Peter Salisbury
+44 20 8652 3214

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