P&G profit soars as core sales turn positive

US consumer products giant Procter & Gamble reported a jump in second-quarter earnings Tuesday, despite a strong dollar that continued to depress the value of foreign sales.

Net income of $3.21 billion was up 35.1 percent from the year-ago period as it cut costs and focused on products with higher profit margins.

Earnings were $1.12 per share, while core EPS was $1.04, beating the 98 cents projected by analysts. Revenues slumped nine percent to $16.9 billion in the quarter ended in December.

The Cincinatti, Ohio-based company, said the decline was mainly due to the stronger dollar and a smaller impact from changes in its accounting of the Venezuela business.