Fed: Manufacturing industry profits fall

AAP General News (Australia)
12-16-1999
Fed: Manufacturing industry profits fall

The manufacturing industry has defied the trend in company profits, to record almost
a six per cent drop over the past financial year.

The Australian Bureau of Statistics' June quarterly figures show overall company profits
before tax increased by 17.5 per cent.

Most of the blame for the poor figures in manufacturing lies on metal product manufacturing,
where company profits dropped nearly 54 per cent, from nearly $2 billion to $924 million.

Another big fall in profits occurred in the textile, clothing, footwear and leather
sector, down 16 per cent from $232 million to $194 million.

But increases occurred in wood and paper product manufacturing, printing, publishing
and recorded media and glass, clay and ceramic product manufacturing, up nearly 16 per
cent.

AAP RTV dep/mfh/kbw/jn

KEYWORD: MANUFACTURING (CANBERRA)

1999 AAP Information Services Pty Limited (AAP) or its Licensors.