Dutch companies made less profit in the first quarter of this year than in the same period last year. Statistics Netherlands (CBS) reports that the total gross profit of companies, excluding the financial sector, amounts to €77.7 billion. That is to say 7.6 billion euro less than the previous year. The statistics office attributes the decline to lower earnings from overseas subsidiaries.
Statistics Netherlands examined gross profit before tax, zooming in on operating profit, other profits and the profit of foreign subsidiaries. Total profit of cross-border branches was $10.1 billion lower in the first three months of this year. According to Statistics Netherlands, this is because some of these companies have disappeared.
The other profit was also negative, 2.6 billion euro lower than last year. In contrast to gross profit and other income, operating profit was more than 6.8 billion euros. The increase is mainly reflected in energy companies, travel agencies, building installation companies and aviation.
In previous quarters, gross profits still increased. For example, total gross profit in the last quarter of last year reached €85 billion, the highest level since Statistics Netherlands began its measurements in 1999. In addition to energy companies, aviation and agencies of travel, the hotel and restaurant sector has also benefited.
Source: BNR
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