P&G posts strong third quarter

Consumer goods firms Procter & Gamble (P&G) and Colgate-Palmolive posted better-than-expected results yesterday, fuelling hopes of a global economic recovery. P&G, the world’s largest maker of household goods, said its first quarter profits fell by 1 per cent from a year ago to $3.35bn (£2.02bn). Colgate-Palmolive, the toothpaste-to-soap maker, reported an 18 per cent rise in third-quarter profit $590m.