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May 25, 2017QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 1ST QUARTER 2016 Canadian corporations earned $91.9 billion in operating profits (seasonally adjusted) in the 1st quarter of 2017, decreasing 7.4 per cent, following on growth of 15.6 per cent in Q4 2016. Profits were 19.1 per cent higher than Q1 2016.
The non-financial sector operating profits (seasonally adjusted) were down 0.4 per cent to $60.7 billion in the 1st quarter with gains in 10 of the 17 non-financial industries. The oil and gas sector reported an improvement in profitability of $123 million, but was still operating with a loss of $1.6 billion. There have been nine consecutive quarters of operating losses for the oil and gas extraction industry. The construction sector posted the fifth consecutive quarterly profit gain with an increase of 0.5 per cent. Profits were down in manufacturing, with 7 of 13 industries reporting declines. Profits were also down in wholesale trade, particularly affected by machinery and equipment merchant wholesalers.
Operating profits in the financial sector decreased 18.4 per cent to $31.3 billion in the first quarter. Insurance carriers’ profits were down 69.2 per cent, to $3.5 billion. Operating profits for banks and other depository credit intermediation were up.
For 2017 Q1 compared to 2016 Q1, operating profits increased $14.8 billion (+19.1%). An increase in non-financial industries of 21.5 per cent ($10.7 billion) accompanied a 14.8 per cent gain in the the financial sector (+$4.0 billion).
Source: Quarterly financial statistics for enterprises; CANSIM 187-0002
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