Australia Company Gross Operating Profits Sink 2.5% In Q1

(RTTNews) - Company gross operating profits in Australia were down a seasonally adjusted 2.5 percent on quarter in the first quarter of 2024, the Australian Bureau of Statistics said on Tuesday.

That missed forecasts for a decline of 0.9 percent following the downwardly revised 7.1 percent increase in the previous three months (originally 7.4 percent).

On a yearly basis, profits slumped 8.6 percent.

Manufacturing sales were down 1.0 percent on quarter and 2.5 percent on year, while wholesale trade slipped 0.9 percent on quarter and 6.1 percent on year.

Inventories were up 1.3 percent on quarter and down 0.6 percent on year, while wages and salaries added 0.6 percent on quarter and 6.6 percent on year.