P&G cuts costs and profit rises

Procter Gamble detergent manufacturer & Tide and Pampers diapers, has reported quarterly profits better than expected, helped by cost cuts and strong demand for its products for babies, home care and female.
P&G''s shares climbed more than 4% on Tuesday (25/10).
The company has sold unprofitable brands and focused on major brands such as Tide, Pampers and Gillette, to revive weak sales. The P&G sold 41 of its brands, including Clairol and Wella, for the Coty in a $ 12.5 billion deal earlier this month. The P&G is also reducing the costs through a multiyear plan to save up to $ 10 billion.
The company, based in Cincinnati, Ohio, reported that net profit attributable to the company climbed to $ 2.71 billion, or $ 0.96 per share, in the first quarter ended September 30. A year earlier, it was $ 2.6 billion, or $ 0.91 per share.
Net sales remained virtually steady at $ 16.52 billion, but above the average estimate of $ 16.49 billion by analysts.