P&G earnings rise on cost cuts, Duracell sale

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New York (AFP)

Procter & Gamble reported a jump in third-quarter earnings Tuesday as cost cuts and a gain from the sale of its Duracell business offset the negative hit from a strong dollar.

Net income for the fiscal third quarter ending March 31 was $2.8 billion, up 27.7 percent from the same period a year ago.

Revenues were down 6.9 percent at $15.8 billion.

Net sales fell in all five of P&G's consumer product categories.

However, sales throughout P&G rose one percent when the impact of the strong dollar was excluded.

Brands with good results included the shampoo Pantene and products to treat adult incontinence.

Lower-performing product areas included health care, due to a weak cough and cold season.

P&G said results in the quarter benefited from the sale of the Duracell battery business to Berkshire Hathaway, which closed on February 29.

Earnings translated into 86 cents per share, four cents above analyst expectations.