Canadian corporations earned C$77B in operating profits in Q3, up 1.5% from Q2, with gains in 15 of 22 industries; operating profits up 4.3% year-over-year: Statistics Canada
Cindy Allen
OTTAWA
,
November 26, 2013
(press release)
–
Canadian corporations earned $77.0 billion in operating profits in the third quarter, up 1.5% from the previous quarter. This follows a 2.6% gain in the second quarter. Operating profits rose in 15 of 22 industries.
Chart description: Quarterly operating profits In the non-financial sector, operating profits grew 2.3% to $52.9 billion in the third quarter, following a 3.4% decline the previous quarter. Oil and gas extraction led the growth, up 23.8% to $2.2 billion. Chart description: Quarterly change in operating profits In the financial sector, operating profits fell 0.4% to $24.1 billion, following an 18.5% gain in the second quarter. Most of the third quarter decline came from life, health and medical insurance carriers. On a year-over-year basis, operating profits for Canadian corporations increased 4.3% compared with the third quarter of 2012. Profits edged down 0.1% in the non-financial sector and rose 15.4% in the financial sector. Operating profits in oil and gas extraction grew for the second consecutive quarter, rising 23.8% to $2.2 billion in the third quarter on the strength of favourable market conditions. Operating profits in the manufacturing sector declined 0.8% to $10.4 billion. While 8 of 13 manufacturing industries reported gains, a decline in computer and electronic product manufacturing operating profits largely offset the increases. The petroleum and coal products industry saw the largest increase in operating profits in the manufacturing sector, up 65.5% to $2.6 billion, mainly on strong revenues from crude petroleum refining. Motor vehicle and parts manufacturing profits rose 34.1% to $907 million on strong third quarter profits, mainly in parts manufacturing. Operating profits for wholesale trade grew 3.9% to $5.9 billion. Building material and supplies wholesalers led the gain, up 20.3% to $1.0 billion. Operating profits for retail trade rose 6.2% to $4.1 billion, led by motor vehicle and parts dealers (+20.1% to $747 million). Real estate and rental and leasing profits rose 5.0% to $4.8 billion. In the financial sector, operating profits edged down 0.4% to $24.1 billion in the third quarter. Operating profits declined by $954 million to $3.6 billion for life, health and medical insurance carriers. Operating profits for property and casualty insurance carriers fell by 4.5% to $1.1 billion in the third quarter, as claims stemming from last summer's floods in Alberta and Toronto and the rail disaster in Quebec affected their financial results. Banking and other depository credit intermediation profits rose 4.1% to $10.3 billion.
Quarterly operating profits
Quarterly change in operating profits
Non-financial sector
Financial sector
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