There's no avoiding the fact that 2012 has dished up a disappointing batch of corporate financial results. A few firms have lifted profits a bit on die back of cost-cutting schemes initiated earlier, but broadly speaking market demand appeared to be slipping away. Top line sales are — again broadly — up a few percent, and die regional variations aren't surprising: the Americas stable or edging up, emerging markets growing, Europe in decline. What's noteworthy is die fact that profitability is slipping; rising sales accompanied by falling profits suggests that maintaining or growing sales is, simply, an increasingly expensive business. Sales, of course, don't happen for free, but the trend we are seeing may suggest that costs are rising even in fast-growth emerging markets.
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