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Consumer goods giant: P&G raises outlook on soaring profit

Revenues came in at $22.18 billion, above the $21.91 billion forecast by analysts.

Afp January 27, 2013 Less than a minute read

NEW YORK: Procter & Gamble’s (P&G) profit more than doubled in the fiscal second quarter from a year ago, beating market expectations, and raised its forecasts for the year, the company reported on Friday.

The US consumer goods giant said profit jumped 140% due to strong productivity gains and the effects of cost-saving efforts. Net income rose to $4.1 billion compared with the year-ago figure of $1.7 billion, the company said.

The results were well above analyst expectations. Revenues came in at $22.18 billion, above the $21.91 billion forecast by analysts. “Global market share trends improved as we continued to implement our growth strategy and made very good progress against our productivity and cost-savings goals,” said chief executive Bob McDonald.

Published in The Express Tribune, January 27^th, 2013.

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