Fed: Company proifts dive

AAP General News (Australia)
12-05-2000
Fed: Company proifts dive

Company profits dropped sharply in the September quarter in another sign that the economy
is slowing.

Before income tax, profits fell 9.5 per cent seasonally adjusted to $9.7 billion.

While that follows a very strong 20.2 per cent rise in profits in the June quarter,
profits have now fallen in two of the last three quarters.

One of the major contributors to the decline was the mining industry, which recorded
an 18.9 per cent drop in profits -- seasonally adjusted because businesses are taking
account of large abnormal losses.

Wholesale trade also recorded a 39.8 per cent fall, retail trade profits were down
23.1 per cent and property and business services 69.2 per cent.

However, manufacturing recorded a tiny 0.2 per cent rise in profits, and financial
services a massive 273.1 per cent increase after a 90 per cent plunge in the previous
15 months.

AAP RTV ss/daw/rt/jn

KEYWORD: PROFITS (CANBERRA)

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