(Reuters) – Procter & Gamble Co (PG.N) on Tuesday reported a 68 percent drop in quarterly profit, due to the sale of its beauty brands to Coty Inc (COTY.N) 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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