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AUSTRALIAN COMPANY PROFITS SHRINK AT RECORD PACE IN DECEMBER QTR.
CANBERRA, March 2 Asia Pulse - Australian businesses felt the brunt of the global recession in the final three months of 2008 as profits sank at their fastest pace since June 2003.
Company gross operating profits tumbled by a seasonally-adjusted 6.5 per cent in the December quarter to A$58 billion (US$36.980 billion), the Australian Bureau of Statistics said.
Economists had predicted a 1.0 per cent decline.
Business inventories - goods in ...
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