P&G net earnings drop 28% in 2Q

NEW YORK: Net second quarter earnings at Procter & Gamble dropped 28 percent, but the company said earnings from continuing operations rose six percent as it expanded sales and market share worldwide.

Net earnings for the three months that ended December 31 were $3.33 billion, down from $4.66 billion a year earlier. But the 2009 second quarter included $1.5 billion from discontinued operations; with this component removed, earnings jumped 6.0 percent.

"Volume was up six percent behind growth in all major geographic regions, 16 of 17 top countries, five of six business segments and 19 of 23 billion-dollar brands," the giant consumer goods company said in a statement.