Operating profits top $100B thanks to financial sector strength
Manufacturing profits up 11.2% from the second quarter to $14.4 billion.
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% from the same period last year.
The federal agency says profits were up $7.9 billion or 8.5% compared with the second quarter.
Operating profits in the financial sector rose 20% from the second quarter to $34.9 billion in the three months ended Sept. 30.
Operating profits for non-financial corporations increased 3.3% from the second quarter thanks to positive returns in 11 of 17 industries. They were up 16% 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% from the second quarter due to lower production in Newfoundland and Labrador linked to shutdowns for maintenance.
Retail operating profits rose 0.7% from the second quarter to $5.4 billion, led by food and beverages.
In wholesale trade, operating profits increased 2.3% from the second quarter to $7.2 billion, while operating profits in manufacturing were up 11.2% from the second quarter to $14.4 billion.