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August 24, 2017QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 2ND QUARTER 2017 Canadian corporations earned $91.4 billion in operating profits (seasonally adjusted) in the 2nd quarter of 2017, increasing 0.1 per cent, following on a decline of 7.9 per cent in Q1 and double digit growth during the second half of 2016. Profits were 25.5 per cent higher than Q2 2016.
The non-financial sector operating profits (seasonally adjusted) were up 2.6 per cent to $62.1 billion in the 2nd quarter with gains in 14 of the 17 non-financial industries. The oil and gas sector reported an improvement in profitability of $674 million, but was still operating with a loss of $839 million. There have been ten consecutive quarters of operating losses for the oil and gas extraction industry. Profits were up in retail trade, wholesale, transportation and professional, scientific and technical services. Manufacturing profits were down 5.7 per cent due to a decrease in petroleum and coal products manufacturing profits resulting from temporary plant closures and higher maintenance costs.
Operating profits in the financial sector decreased 5.0 per cent to $29.3 billion in the second quarter. Depository credit intermediation profit decreased 11.4 per cent from higher expenses from insurance-related activities and a 0.5 per cent decline in operating revenues. Insurance carriers profits were down 21.2 per cent due to fair value adjustments to actuarial liabilities of life, health and medical insurance carriers.
For year-to-date (2017 Q1-Q2 compared to 2016 Q1-Q2), operating profits increased $32.8 billion (+21.8%). An increase in non-financial industries of 21.3 per cent ($21.5 billion) accompanied a 23.0 per cent gain in the financial sector (+$11.2 billion).
Source: Quarterly financial statistics for enterprises; CANSIM 187-0002
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