Procter & Gamble Profit Up 33%

Gillette acquisition pays off.

Helped by strong sales at its newly integrated Gillette division Consumer goods, Procter & Gamble Oct. 31 posted a 33% rise in quarterly earnings. For the first quarter of its fiscal year ended September 30, P& G said its net profit came to $2.7 billion or 79 cents per share, a penny ahead of Wall Street forecasts.

Sales rose 27% to $18.8 billion, also ahead of target by $300 million. "The company delivered broad-based growth behind strong innovation on both the base business and Gillette," P& G chief executive AG Lafley said.

"We are delivering our growth commitments and continue to make good progress with the Gillette integration," he said of the razors and batteries unit, which P& G bought in October 2005.

Copyright Agence France-Presse, 2006

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