P&G's quarterly sales drop 12%

[BENGALURU] Procter & Gamble Co, the maker of Pampers diapers and Tide detergent, reported a 12 percent fall in quarterly sales, its seventh straight quarter of decline, hurt by weak demand across product categories and a strong dollar.

The net income attributable to the company rose to US$2.60 billion, or 91 US cents per share, in the first quarter ended Sept 30 from US$1.99 billion, or 69 US cents per share, a year earlier.

P&G, which has been reducing the number of brands it owns to focus on profitable brands, said revenue fell to US$16.53 billion from US$18.77 billion.

REUTERS