2017.02.2620:29:00UTC+00Australia Q4 Company Operating Profits Soar 20.1%

Company operating profits in Australia climbed a seasonally adjusted 20.1 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Monday.

That easily beat forecasts for an increase of 8.0 percent following the 1.0 percent gain in the previous three months.

Profits spiked 26.2 percent on year.

Company inventories gained just 0.3 percent on quarter in Q4, shy of expectations for 0.5 percent and down from 0.8 percent in the three months prior.

Inventories were up 1.6 percent on year.

Sales of manufacturing goods and services added 0.1 percent on quarter but fell 2.4 percent on year.

Sales in wholesale trade gained 3.1 percent on quarter and 9.0 percent on year.

Wages and salaries dipped 0.5 percent on quarter but climbed 1.0 percent on year.