Australian businesses see boost in operating profits
Australian businesses saw a rise in operating profits last year, despite a drop in sales volume, the Australian Bureau of Statistics has reported.
Company gross operating profits rose by a weighty 9.6 per cent on the year in the December quarter of 2018, the ABS reported on Monday.
On seasonally adjusted basis, gross operating profits jumped 10.5 per cent on the year.
Quarter-on-quarter, company gross operating profits edged up by 0.9 per cent in the December quarter, slowing down from a growth of 1.6 per cent in the previous three months.
The seasonally adjusted estimate for company gross operating profits added 0.8 per cent in the reviewed period, while the estimate for wages and salaries rose an equal 0.8 per cent.
On the other hand, the sales of goods and services dropped, with the manufacturing sector suffering a 1.7 per cent annual reduction and a 0.9 per cent drop on the quarter.
Sales of goods and services in wholesale trade edged down 0.2 per cent in the December quarter compared to the same period in 2017, but rose 0.1 per cent on the quarter.