P&G net down 39% on price corrections

NEW DELHI: FMCG major Procter & Gamble Hygiene and Healthcare (PGHHCL) has posted a 39% decline in its net profit to Rs 51.5 crore for the quarter ended September 30, 2010, over the same period past fiscal.

“The profit decline was mainly due to an increase in excise duty as well as price corrections that PGHHCL undertook to expand the feminine hygiene category,” the company said.

The company, which sells feminine-hygiene brand ‘Whisper’ and health-care brand ‘Vicks’, recorded a marginal decline of 1% in its sales to Rs 227.8 crore during the period. It had sales of Rs 225.5 crore in the corresponding quarter of the previous fiscal. During the quarter, the firm said its feminine-hygiene category posted a 9% sales growth, while health care witnessed a growth of 12%.

“PGHHCL is committed to effectively leveraging its strong balance sheet to achieve a long-term growth. We continue to invest in our core businesses...,” PGHHCL managing director Shantanu Khosla said.