CINCINATTI: Worries over a likely decline in global consumer spending were slightly assuaged by Procter & Gamble's fiscal fourth quarter results - the more so since the bullish numbers were boosted by increases in product pricing.
Net income in the quarter to June 30 rose 36% year-on-year to $1.9 billion (€1.48bn; £1.01bn), from $1.39bn. Much of that increase was due to last fall's acquisition of Gillette, but P&G's results were strong even excluding the impact of that acquisition.
Sales grew 25% to $17.84bn, but even on a like-for-like basis the increase was still a healthy 8%, bettering the company's projections of a 4%-6% increase.
P&G's Net Rose in Fiscal Q4, Driven by Price Increases
News, 04 August 2006
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