P&G revenues increased due to demand for hygiene products during the pandemic
The manufacturing company had a net profit of $ 5,743 million between January and June
The manufacturer of hygiene and cleaning products, Procter & Gamble (P&G), had a net profit between January and June of $ 5,743 million, which represents a recovery from the loss of $ 2,461 million registered in the same period of the previous year, by demand during the pandemic.
The company had an especially good second quarter of the current year, with a net profit of 2,786 million dollars, which contrasts with the 5,237 million loss registered between April and June 2019. In this sense, the earnings per share at the end of June , when the company closed its fiscal year, was of $ 1.10, compared to losses of $ 2.12 a year ago.
The demand for detergents, toilet paper, cleaners and disinfectants during COVID-19, led sales revenues to increase 4% to $ 17.7 billion, with operating profit dropping from $ 5.192 million in the second quarter of 2019 to have a profit of almost 3,500 million dollars.
In the total for the fiscal year, sales increased 5% to 70.950 million dollars, with an operating profit of almost three times that of the previous year (15.706 million dollars) and a net profit more than four times greater, up to 13,103 million, compared to 3,966 million in fiscal year 2019.
“In general, the needs of consumers for health, hygiene and cleanliness have changed forever. It is difficult to imagine that we will simply return to the world as it was before,” said the multinational’s chief financial officer, Jon Moeller.
Source: doblellave
