FMCG producer Procter & Gamble performed better than expected last quarter. The company is increasing its turnover and profit forecast for the current financial year.
Care and beauty products boost turnover
In the second quarter of the split financial year, Procter & Gamble recorded sales of 18.2 million dollars (16.5 billion euros), an increase of 5% compared to the same period last year. Beauty and health care showed the strongest growth with organic sales growth of 8% and 7% respectively.
Operating profit rose by 15% to 4.48 billion dollars (4.05 billion euros) and net profit rose by 16% to 3.74 billion dollars (3.38 billion euros).
Following the better than expected figures, Procter & Gamble has raised its forecast for 2020. The company now expects organic revenue growth of 4 to 5%. Earlier, it expected 3 to 5%. Profits are also likely to be higher than previously announced: they should now rise by 8 to 11%. Until now, Procter & Gamble assumed it would rise by 5 to 10%.
