CINCINNATI: Procter & Gamble brushed-off the rising costs of raw materials and posted a 14% increase in earnings during its second fiscal quarter, thanks to strong sales and cost-cutting.

The consumer goods titan, whose brands include Olay, Gillette and Duracell, reported net income up to $3.27 billion (€2.19bn; £1.64bn), while sales grew 9% to $21.58bn during the October-December quarter, compared with the year earlier period.

P&G also confirmed plans to spin-off its Folgers coffee business into a separate company under the leadership of newly appointed ceo Jamie Egasti.

Data sourced from USA; additional content by WARC staff