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Price rises help boost P&G profit
(China Daily)
Updated: 2008-08-06 07:39

Procter & Gamble Co, the world's largest consumer-products company, said fourth-quarter profit rose 33 percent after it increased prices to counter higher costs for plastic, energy and paper while the US dollar's decline buoyed overseas sales.

P&G forecast first-quarter earnings per share of 98 cents to $1, which trailed the estimates of some analysts.

Net income in the fourth quarter jumped to $3.02 billion, or 92 cents a share, from $2.27 billion, or 67 cents, a year earlier, the Cincinnati-based maker of Tide laundry detergent and Head & Shoulders shampoo said yesterday in a statement. Sales rose 10 percent to $21.3 billion from $19.3 billion.

Chief Executive Officer A.J. Lafley announced price increases on Pantene hair products, Gillette shaving cream and Ivory soap to help counter the record cost of oil used in plastic packaging and pulp used in Bounty paper towels and the firm's Charmin toilet paper.

More than half of P&G's sales come from overseas and benefited from foreign currency gains against the dollar.

Agencies

(China Daily 08/06/2008 page17)