By  on October 29, 2008

Procter & Gamble Co., which turned 171 years old this month, reported an 8.7 percent gain in first-quarter profits as the company continued to focus on cost discipline and selective price increases.

Net income for the quarter ended Sept. 30 was $3.35 billion, or $1.03 a diluted share, up from $3.08 billion, or 92 cents a share, in the year-ago period.

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