Excise effect: P&G profit down 39%

Procter and Gamble Hygiene and Healthcare (PGHHCL) reported a 39 per cent year-on-year fall in net profit at R31 crore for the quarter ended September 2010 against R51 crore.

Procter and Gamble Hygiene and Healthcare (PGHHCL) reported a 39 per cent year-on-year fall in net profit at R31 crore for the quarter ended September 2010 against R51 crore.

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“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 however witnessed a marginal increase in its net sales by 1 per cent to R228 crore in the second quarter, compared to R225 crore in the year-ago period. The company also witnessed a volume growth of 7 per cent.