P&G Q2 profit rises to USD4.06b 

(MENAFN) Procter & Gamble CFO, Jon Moeller, announced that profits for the second quarter grew to USD4.06 billion, from USD1.69 billion a year earlier, reported AP.

In the period that ended December 31, revenue rose 2 percent, reaching USD22.18 billion, exceeding analysts' expectations.

Moeller attributed the better-than-expected results to the company's plan to reduce costs and introduce new products.

In February, the Cincinnati-based company launched a plan to focus on its 40 main businesses, 20 biggest new products and 10 most profitable emerging markets.

Furthermore, it introduced cost-cutting procedures in order to save USD10 billion by fiscal 2016, and slashed prices for laundry detergent, toothpaste and other products in the US, and reduced jobs.

P&G noted that 95 percent of a plan to slash 10 percent of its non-manufacturing workforce by the end of the fiscal year is complete, nearly 4 or 5 months in advance.

Meanwhile, in fiscal 2014 to 2016, the firm will lower 2 to 4 percent of its workforce a year.

It is worth noting that as a result of the cost-cutting measures, P&G managed to hold or raise market share in businesses accounting for approximately 50 percent of sales during the quarter.