P&G delivers profit amid activist pressure

Bengaluru: Procter & Gamble Co, which is under pressure from activist investor Nelson Peltz, reported another quarter of market-beating quarterly profit, helped by lower costs across the board.

Net income attributable to the company rose to $2.22 billion (Dh8.15 billion), or 82 cents per share, in the three months ended June 30, from $1.95 billion, or 69 cents per share, a year earlier.

While net sales were flat at $16.08 billion, organic sales, which strip out the effect of acquisitions and fluctuating foreign exchange rates, rose 2 per cent.

The company, which manufactures Tide detergent and Gillette razors, has been cutting costs and selling unprofitable brands to boost profits as sales remain stagnant.