2022.12.0423:41:00UTC+00Australia Company Gross Operating Profits Tumble 12.4% In Q3

Gross operating profits for Australian companies plunged a seasonally adjusted 12.4 percent on quarter in the third quarter of 2022, the Australian Bureau of Statistics said on Monday.

That was well shy of expectations for a gain of 0.3 percent following the upwardly revised 7.8 percent increase in the three months prior (originally 7.6 percent).

Business inventories added 1.7 percent on quarter, up from 0.3 percent in the second quarter, while wages and salaries picked up 2.9 percent on quarter.

On a yearly basis, profits gained 8.5 percent, inventories rose 7.9 percent and wages jumped 11.0 percent.