Commodity price fall hasn’t hurt profits

LOWER commodity prices have not dented profit takings of companies involved in the mining industry according to the latest data from the Australian Bureau of Statistics.

While overall company profits before income tax decreased 0.8 per cent from the March quarter, profits from mining increased 48 per cent to $1,480 million.

The marginal decrease in overall profit results was due largely to the revaluation of profit results from the BHP Hot Briquetted Iron plant to $829 million before tax, causing a 34.4 per cent decline in manufacturing profits.

Transport and storage companies increased profits by 83 per cent and services to finance and insurance profits rose 68 per cent.

Profits rose for construction, wholesale trade and property and business services, whilst retail trade and other services saw declining profits.

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