CORPORATE profitability in the North-west has fallen for the 15th quarter in a row.

The picture emerges in the latest Corporate Health Check carried out by economic forecasters Experian Business Strategies.

It shows that the average return on capital among leading companies across the industrial economy in the region fell from 6.51 per cent in the 12 months to June 2002 to 5.97 per cent in the 12 months to September 2002.

Report author Peter Brooker said: "Profitability peaked in late 1998 at 13.41 per cent, since when it has more than halved. If anything, the decline is gaining momentum.

"The fall across the last four quarters is easily the steepest annual fall seen during four years of decline -- and the rate of decline has accelerated in the latest year."