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August 23, 2018QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, 2ND QUARTER 2018 Canadian corporations earned $100.3 billion in operating profits (seasonally adjusted) in the second quarter of 2018 - an increase of 1.0 per cent compared to the previous quarter. Compared to Q2 2017, operating profits were up 8.2 per cent.
The non-financial sector operating profits (seasonally adjusted) were up 0.8 per cent to $67.3 billion in the second quarter with gains in 12 of the 17 non-financial industries. Higher profits were reported in oil and gas extraction and support activates with a $358 million increase from higher crude oil prices, rising production, and fewer pipeline issues helping to narrow the light-heavy price differential compared to Q1. Profits were higher in wholesale (+2.4%) and retail (+5.3%) in the quarter. Manufacturing profits were down 3.3 per cent or $518 million compared to Q1 with a decline for motor vehicle and parts manufacturing of $754 million (-40.5%) due to higher commodity prices and supply chain disruptions. Wood and paper manufacturing profits were up 12.4 per cent from Q1 due to strong demand lifting production and prices in the sector.
Operating profits increased 1.3 per cent in the financial industries to $33.0 billion. Depository credit intermediation profits increased 7.0 per cent while insurance carriers and related activities operating profits decreased 33.9 per cent. Profits were lower in the insurance sector as a result of fair value adjustments to actuarial liabilities among life, health, and medical insurers; and property and casualty insurance carriers’ profits were down $0.5 billion (-53.8%) with wind damage in Ontario and Quebec.
Comparing the first half of 2018 with the first half of 2017, operating profits increased 7.6 per cent (+$14.2 billion). For the non-financial industries, an increase of 7.3 per cent (+$9.1 billion) resulted from increases in 12 of 17 subsectors. The largest dollar increases coming from manufacturing, oil and gas extraction, and construction industries. Financial sector profits are up 8.4 per cent (+$5.1 billion) with higher profits among banks and insurance carriers.
Source: Quarterly financial statistics for enterprises; Table 33-10-0008-01 Quarterly statement of changes in financial position and selected financial ratios, by industry
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