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August 27, 2015QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 2ND QUARTER 2015 Canadian corporations earned $80.9 billion in operating profits (seasonally adjusted) in the 2nd quarter of 2015, up 12.9 per cent after two quarters of declines. Profits decreased in 11 out of 22 industries and both financial and non-financial sectors were up with the financial sector mainly responsible for the turnaround. Compared to a year earlier, operating profits are 3.8 per cent lower.
The non-financial sector operating profits (seasonally adjusted) were up 1.5 per cent to $55.3 billion in the 2nd quarter. Oil and gas extraction posted an operating loss of $379 million an improvement from the $1.2 billion loss in Q1 as operating expenses were contained and revenue increased 5.4 per cent. Manufacturing profits were up 6.5 per cent with increases in 10 of 13 sectors including chemicals, plastics, and rubber products (+7.2%) and motor vehicle and parts(7.4%). Retailers profits were up 3.7 per cent but transportation and warehousing fell 13.0 per cent.
The financial sector's operating profits increased $8.5 billion to $25.6 billion in Q2 as insurance carriers rebounded from an operating loss in Q1. The increase came mainly from life, health, and medical insurance carriers with a decrease of $13.0 billion in fair value adjustments to actuarial liability. Profits for banks and credit unions were down 10.7 per cent.
Source: Quarterly financial statistics for enterprises; CANSIM 187-0002