Procter & Gamble’s profit up nearly 9 percent

updated 8:08 a.m. ET Oct. 29, 2008

CINCINNATI - Consumer products maker Procter & Gamble Co. says profit rose nearly 9 percent in its fiscal first quarter, boosted by strong growth in emerging markets.

Net income rose to more than $3.3 billion, or $1.03 per share, from $3.1 billion, or 92 cents a share, a year earlier.

Analysts surveyed by Thomson Reuters on average expected 98 cents on revenue of $21.8 billion.

P&G said sales were $22 billion, up 9 percent, led by double-digit growth in emerging markets. The maker of such household products as Tide detergent, Pampers diapers, and Olay skin care has been increasingly looking to developing economies such as China, India and Brazil for sales growth.

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