Oliver Luft
Aug 8, 2011

P&G's annual profits drop after US$700 million adspend rise

GLOBAL - Procter & Gamble's net earnings suffered a sharp year-on-year decline in the 12 months to the end of June, despite top-line growth.

P&G predicts net sales growth this year of 5 to 9 per cent

Net earnings for the owner of Ariel, Gillette and Febreze declined 7 per cent year on year to $11.8 billion in the 12 months to 30 June.

The drop came despite the company increasing net sales by 5 per cent to $82.6bn and was due in part to input costs rising and a large increase in marketing spend.

Advertising spending, which makes up the majority of PG's marketing expense,...

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