Australia Company Profits Sink 6.6% In Q4
Company profits in Australia tumbled a seasonally adjusted 6.6 percent on quarter in the fourth quarter of 2020, the Australian Bureau of Statistics said on Monday – well shy or expectations for a decline of 4 percent following the 3,2 percent increase in Q3.
Business inventories were flat on quarter, shy of expectations for an increase of 0.2 percent after slipping 0.3 percent in the previous three months.
On a yearly basis, profits were up 15.1 percent and inventories sank 4.6 percent.
Manufacturing sales were up 2.2 percent on quarter and down 0.8 percent on year, while wholesale trade gained 4.4 percent on quarter and 3.0 percent on year.
Wages and salaries were up 1.4 percent on quarter and 0.7 percent on year.