Procter & Gamble posts higher quarterly profit

Procter & Gamble Co (PG.N) posted a higher quarterly profit on Friday, as the world's largest household products maker benefited from some growth overseas, cost cuts and a lower tax rate.

The maker of Pampers diapers and Tide detergent earned US$3.03 billion (S$3.7 billion), or $1.04 per share, in the fiscal first quarter, up from US$2.81 billion, or 96 cents per share, a year earlier.

Core earnings per share, which exclude restructuring charges, fell 1 per cent to US$1.05.