Pet Food News

P&G looks to petfood to add to earnings

Procter & Gamble  has registered an 18% drop in fourth-quarter profit, Bloomberg  report ed. The company's net income for the period ended June 30 dropped to US$2.47 billion. P&G shares have slid 13% this year.

Sales fell 11% to $18.7 billion, missing the $19.3 billion average analysts estimated. Currency translations clipped sales by 9%, said P&G, which makes about 60% of its revenue outside the U.S.

The company expects its petfood unit to be a $1.8 billion business in fiscal 2010, with an operating margin of about 10%. It will add about US3 cents to earnings.

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