January 23, 2018 / 12:20 PM / 3 months ago

P&G profit falls due to sale of beauty business, tax charge

Jan 23 (Reuters) - Procter & Gamble Co on Tuesday reported a 68 percent drop in quarterly profit, due to the sale of its beauty brands to Coty Inc and a charge related to the recent U.S. tax overhaul.

Net income attributable to the company fell to $2.50 billion or 93 cents per share in the second quarter ended Dec. 31, compared with $7.88 billion, or $2.88 per share, a year ago.

The company said it took a net charge of $628 million for the second quarter, the result of an estimated repatriation tax charge of $3.8 billion and a net deferred tax benefit of $3.2 billion.

Net sales for the world’s largest consumer products maker by market value, rose 3 percent $17.4 billion, with organic sales rising two percent. (Reporting by Siddharth Cavale and Vibhuti Sharma in Bengaluru; Editing by Supriya Kurane)

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