Canadian operating profits top $100 billion thanks to financial sector strength
Ottawa – Statistics Canada says strong performance in the financial sector drove Canadian corporate operating profits to just over $100 billion in the third quarter, up 17.2 per cent from the same period last year.
The federal agency says profits were up $7.9 billion or 8.5 per cent compared with the second quarter.
Operating profits in the financial sector rose 20 per cent from the second quarter to $34.9 billion in the three months ended Sept. 30.
Operating profits for non-financial corporations increased 3.3 per cent from the second quarter thanks to positive returns in 11 of 17 industries. They were up 16 per cent compared with the third quarter of last year.
The upstream oil and gas sector reported an operating loss of $450 million in the third quarter, down 21.3 per cent from the second quarter due to lower production in Newfoundland and Labrador linked to shutdowns for maintenance.
Retail operating profits rose 0.7 per cent from the second quarter to $5.4 billion, led by food and beverages.
In wholesale trade, operating profits increased 2.3 per cent from the second quarter to $7.2 billion, while operating profits in manufacturing were up 11.2 per cent from the second quarter to $14.4 billion.