Asian companies' profits drop for first time in 7 quarters

Earnings by Asian companies in March declined for the first time in seven quarters, dented by slowing demand due to lockdowns in China and diminishing margins as input costs rise.

China's business activity and consumption slowed in the first quarter due to a resurgence of COVID-19 cases, which also affected regional companies exporting to the Asian country. Some analysts expect rising interest rates should further affect corporate profits and margins in coming months.

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