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February 23, 2017QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 4TH QUARTER 2016 Canadian corporations earned $86.8 billion in operating profits (seasonally adjusted) in the 4th quarter of 2016, increasing 3.6 per cent, following on growth of 16.8 per cent in Q3. Profits were 13.2 per cent higher than Q4 2015.
The non-financial sector operating profits (seasonally adjusted) were up 2.6 per cent to $58.7 billion in the 4th quarter with gains in 14 of the 17 non-financial industries. The oil and gas sector reported an improvement in profitability of $1.1 billion, but was still operating with a loss of $2.2 billion. There have been eight consecutive quarters of operating losses for the oil and gas extraction industry. The construction sector posted the third consecutive quarterly profit gain with an increase of 3.5 per cent. Profits were down in manufacturing, particularly motor vehicle and parts on lower operating revenue, and the retail sector.
Operating profits in the financial sector increased 5.7 per cent to $28.0 billion in the fourth quarter. Insurance carriers’ profits were up $2.0 billion with both lower revenue from financial instruments and lower expenses from adjustments to actuarial liabilities for life, health and medical insurance carriers. Banks saw a decline in operating profits with lower insurance premiums revenue.
For 2016 compared to 2015, operating profits were mostly unchanged (0.0%) at $86.8 billion. An increase in non-financial industries of $2.7 billion was offset with a decline of $2.6 billion in the financial sector.
Source: Quarterly financial statistics for enterprises; CANSIM 187-0002
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