Australia Company Operating Profits Sink 4.6% In Q3

(RTTNews) - Company operating profits in Australia were down a seasonally adjusted 4.6 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Monday.

That missed expectations for an increase of 0.6 percent following the downwardly revised 6.8 percent drop in the three months prior (originally -5.3 percent).

Inventories were down 0.9 percent on quarter, also missing forecasts for a decline of 0.2 percent following the 0.5 percent increase in the previous quarter.

Wages and salaries were up 1.2 percent on quarter.

On a yearly basis, company profits fell 8.5 percent, while inventories rose 0.1 percent and wages climbed 4.0 percent.