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PROCTER & GAMBLE EARNINGS UP 7 PERCENT IN SECOND QUARTER

 PROCTER & GAMBLE EARNINGS UP 7 PERCENT IN SECOND QUARTER
 CINCINNATI, Jan. 28 /PRNewswire/ -- The Procter & Gamble Company (NYSE: PG) announced today that net earnings for the October-December period, the second quarter in the fiscal year, were $523,000,000, an increase of 7 percent over net earnings of $490,000,000 for the same three months in the previous year. Earnings per share for the second quarter were $1.47, up 8 percent from $1.36 per share a year ago. Net sales were $7,507,000,000, up 9 percent over net sales of $6,857,000,000 for the same quarter a year ago. The increases in earnings and sales were due to broadly-based unit volume growth in the United States and international businesses.
 In the July-December period, net earnings were $1,059,000,000, an increase of 1 percent over net earnings of $1,045,000,000 for the same period in the previous year. Net earnings per share were $2.99, up 2 percent from $2.93 in the previous year. Net sales were $14,712,000,000, an increase of 9 percent over $13,509,000,000 for the six months a year ago. The increase in earnings from unit volume growth was partially offset by the impact of lower wood pulp profits, interest and goodwill related to the Max Factor and Betrix cosmetics acquisitions, and adverse foreign exchange effects during the July-September quarter.
 Commenting on these results, chairman Edwin L. Artzt stated, "We are particularly pleased by the improving trend in our worldwide unit volume growth. During July-December, our international business continued to grow at double-digit rates, and despite continued recessionary market softness, U.S. volumes increased a healthy 5 percent with growth in most major product groups. These volume trends have helped restore earnings growth in the latest quarter."
 Millions of Dollars Except per Share Amounts
 1991 1990 Pct Change
 Three Months Ended December 31
 Net Sales $7,507 $6,857 +9.5
 Net Earnings 523 490 +6.7
 Net Earnings Per Common Share 1.47 1.36 +8.1
 - Assuming Full Dilution 1.37 1.28 +7.0
 Six Months Ended December 31
 Net Sales 14,712 13,509 +8.9
 Net Earnings 1,059 1,045 +1.3
 Net Earnings Per Common Share 2.99 2.93 +2.0
 - Assuming Full Dilution 2.78 2.77 +0.4
 -0- 1/28/92
 /CONTACT: Linda Ulrey, 513-983-5796; or Ann Jenemann Smith, 513-983-3686; both of Procter & Gamble/
 (PG) CO: The Procter & Gamble Company ST: Ohio IN: HOU SU: ERN


KK -- CL003 -- 4077 01/28/92 09:10 EST
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Publication:PR Newswire
Date:Jan 28, 1992
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