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May 24, 2019QUARTERLY FINANCIAL STATISTICS FOR ENTERPRISES, Q1 2019 Canadian corporations earned $106.9 billion in operating profits (seasonally adjusted) in the first quarter of 2019 - a decrease of 0.3 per cent compared to the previous quarter. Compared to Q1 2018, operating profits were up 2.2 per cent. Since the most recent trough in the second quarter of 2016, Canadian corporate operating profits have been on an upward trend with an increase of $32.2 billion through Q1 2019.
The non-financial sector operating profits (seasonally adjusted) were up 3.0 cent to $74.8 billion in the first quarter with increases in 9 of the 17 non-financial industries. Oil and gas extraction and support activities increased by $1.6 billion in the quarter with a rise in oil prices. Manufacturing operating profits grew 6.4% or $941 million led by higher sales in motor vehicle and parts manufacturing. Retail and wholesale profits were down in the quarter.
Financial industry profits declined by $2.5 billion in the first quarter, following a decrease of $4.9 billion the previous quarter . Depository credit intermediation profits were down 18.1 per cent due to a non-recurrent payment to external business partners. Operating profits for insurance carriers and related activates were up 2.1 per cent compared to previous quarter.
Year-to-Date
Since 2018 Q1, operating profits among non-financial industries are up 5.0 per cent or $3.6 billion with increases in 12 of 17 subsectors. Profits are down in agriculture, forestry, fishing (-$103 million), oil and gas (-$414 million), utilities (-$142 million), professional services (-$251 million), and personal services and repair (-$63 million).
Operating profits are down $1.3 billion in financial industries since Q1 2018. Operating profit declines for depository credit intermediation and insurance have offset an increase in securities, commodity contracts and other financial investments.
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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