Asia Profits Tank 73% as Earnings Season Kicks into High Gear
- MSCI Asia Pacific firms saw profits fall 64% in March quarter
- ‘The gap between winners and losers will widen:’ Qontigo
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After a dreadful March quarter for Asian corporations, investors are bracing for another wave of reporting cards that will reflect the first full three-month period during the worst virus outbreak in living memory.
More than 280 companies on the MSCI Asia Pacific Index are expected to report results next week, and the number will continue to climb in August. The members on the gauge that have reported second-quarter earnings so far saw an average decline of 73% on year, according to data compiled by Bloomberg. That’s after a 64% fall in the previous three-month period, which was the worst in data going back to 2011.