P&G profits drop as dollar strengthens

Washington - Procter and Gamble, the global maker of household and beauty products, has attributed a 31% drop in second quarter profit to weaker foreign currencies compared to the dollar.

"The October to December 2014 quarter was a challenging one with unprecedented currency devaluations," said CEO A.G. Lafley in a press release on Tuesday.

Net earnings fell from $1.18 per share in the same period of 2013 to 0.82 cents per share, a 31% decrease.

The Cincinnati-based company, known for brands such as Tide, Crest and Pampers, reported a 4% decrease in sales and anticipates foreign exchange challenges will continue to reduce 2015 fiscal sales by at least $1.4bn.

"The outlook for the year will remain challenging," the company said in a statement. "We have and will continue to offset as much of this currency impact as we can through productivity driven cost savings."