Corporate operating profits down 1.2% in Q1: StatsCan
Profits for manufacturing industries declined 1.0% to $12.1 billion.
OTTAWA – Statistics Canada (StatsCan) says corporations earned $74 billion in operating profits in the first quarter, down 1.2% from the previous quarter.
It says this comes after a 1.4% increase in the fourth quarter of 2012.
Operating profits decreased in 14 of 22 industries, led by insurance carriers and related activities, whose profits were down 16% to $3.9 billion.
Securities, commodity contracts and other financial investments fell 4.2% to $5.5 billion.
In the non-financial sector, first quarter operating profits rose 0.3% to $53.6 billion, following a 0.9% increase in the previous quarter.
Profits for manufacturing industries declined 1.0% to $12.1 billion and wholesale trade profits fell 3.0% to $5.7 billion.
©The Canadian Press