Mining sector boosts June quarter profits

Company profits picked up in the June quarter as strength in the mining sector outweighed weakness in manufacturing.

Seasonally adjusted gross operating profits at Australian companies rose by 4.5 per cent in the three months to June 30, beating consensus expectations of a 2.0 per cent rise, driven by a 10.9 per cent increase in mining profits.

Seasonally adjusted manufacturing profits fell 3.5 per cent for the quarter, the Australian Bureau of Statistics announced on Monday.

Retail trade profits rose 3.4 per cent for the quarter, while profits for electricity, gas water and waste services were down a seasonally adjusted 11.3 per cent.

Wages and salaries were up a seasonally adjusted 1.4 per cent, while inventories were down by 0.9 per cent.


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