Financial News: Australia Company Profits Sink 5.3% In Q2

Australia Company Profits Sink 5.3% In Q2

09/01/2024 - 21:40:00 (RTTNews)

(RTTNews) - Company gross operating profits in Australia were down a seasonally adjusted 5.3 percent on quarter in the second quarter of 2024, the Australian Bureau of Statistics said on Monday.

That missed expectations for a decline of 0.6 percent following the 2.5 percent drop in the three months prior. Profits were down 3.9 percent on year.

Manufacturing sales rose 0.3 percent on quarter and 0.7 percent on year, while inventories rose 0.1 percent on quarter and 1.5 percent on year and wages added 0.7 percent on quarter and 5.3 percent on year.

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