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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