Business profits up for third straight time in first quarter: StatsCan
Thu May 27, 8:38 AM
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By The Canadian Press

OTTAWA - Canadian corporations earned $62.9 billion in operating profits in the first quarter, up 4.8 per cent or $2.9 billion from the previous quarter.

Statistics Canada reports this was still below the $78.9 billion high reached in the third quarter of 2008, before the economy headed into the recent downturn.

But it marks the third consecutive quarter of growth since the low of $48 billion reported in the second quarter of 2009.

Profits in the non-financial industries increased 8.3 per cent from the fourth quarter to $46.6 billion in the first quarter, while profits in the financial industries decreased 4.1 per cent to $16.4 billion.

Overall, StatsCan says gains were mixed as 10 of 22 industries reported higher profits in the first quarter.

Profits for oil-and-gas extraction and support activities were up 40.4 per cent to $4.1 billion, partly due to rising oil prices.

Profits for the mining and quarrying industry grew by 14.8 per cent to $1.3 billion.

Manufacturers reported a fourth straight quarter of increased profits: at $10.4 billion, first-quarter profits grew 12.6 per cent over the previous quarter.

Profits in the wholesale industry grew by 8.1 per cent to $5.4 billion in the first quarter.

Profits for retailers grew by 11.5 per cent to $4.1 billion.

Profits for the financial industries fell 4.1 per cent to $16.4 billion.

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