- CNTV English - CCTV News

Homepage > News > Biz >

Australian company gross operating profits fall 2.0 % in Q1

05-30-2011 14:38 BJT

SYDNEY, May 30 (Xinhua) -- Gross operating profits at Australian companies fell 2.0 percent in the March quarter, official figures showed on Monday.

Company gross operating profits in current prices and seasonally adjusted terms rose 9.5 percent over the year, the Australian Bureau of Statistics (ABS) said.

Estimated business inventories rose 0.4 percent in the March quarter after rising 0.8 percent in the December quarter.

Economists were expecting inventories to have risen by 0.1 percent in the March quarter.

The estimate of income from sales by manufacturers in the March quarter was down 0.7 percent, the ABS said.

Estimated income from sales by wholesalers in the March quarter was up 1.3 percent.

Australian economists said on Monday that the figures were broadly in line with market expectations as flooding in Australia' s Queensland and Victoria over the summer dragged down company profits in the March quarter.

"In terms of company profits, the fall came despite rising commodity prices and that was because sales volumes were actually quite weak across the board," Australia's largest investment bank Macquarie Group senior economist Benjamin Dinte said.

"Obviously the impact of the floods has affected the numbers and affected sales growth in the quarter, across a range of sectors."

Dinte said the fact that inventories didn't increase by as much as they did in the previous quarter suggests that inventories would be a drag on growth.

Global financial services firm JP Morgan economist Ben Jarman said Monday's business indicators figures should not change economists' forecast for the GDP numbers.

"This is a number that is expected to be soft for quite a while now," he said.

"The last few quarters we have been seeing declines in mining profits."

Editor:Yang Jie |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program