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Quarterly financial statistics for enterprises

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Second quarter 2010 (preliminary) (Previous release)

Operating profits for Canadian corporations amounted to $61.7 billion in the second quarter, down 1.8% from the previous quarter. This decrease followed three consecutive quarterly increases.

Quarterly operating profits

Overall, profits were down despite the fact that 15 of 22 industries reported higher profits. Declines were led by corporations in the insurance industry, as well as the oil and gas industry.

In the non-financial sector, profits decreased by 1.5% to $46.4 billion, while among financial industries profits declined 2.7% to $15.3 billion.

However, on a year-over-year basis, profits in both sectors in the second quarter were roughly 28% above the levels in the second quarter of 2009.

Quarterly change in operating profits

Note to readers

Quarterly profit numbers referred to in the text are seasonally adjusted and are in current dollars. The quarterly financial estimates for the first quarter of 2010 have been revised.

Quarterly financial statistics for enterprises are based upon a sample survey and represent the activities of all corporations in Canada, except those that are government controlled or not-for-profit. An enterprise can be a single corporation or a family of corporations under common ownership and control, for which consolidated financial statements are produced.

Profits referred to in this analysis are operating profits earned from normal business activities. For non-financial industries, operating profits exclude interest and dividend revenue and capital gains/losses, whereas for financial industries, these are included along with interest paid on deposits.

Operating profits differ from net profits, which represent the after tax profits earned by corporations.

Non-financial sector

Operating profits for oil and gas extraction and support activities declined 13.9% to $4.3 billion between the first and second quarters of this year. The second quarter was characterized by a decline in exports and relatively stable oil prices.

Profits for retailers fell by 6.3% to $3.8 billion. Much of this decline came from clothing and department stores, where profits were down by $141 million. Similarly, operating profits in the wholesale trade industry decreased by 3.7% to $4.9 billion.

Operating profits for manufacturers remained relatively flat in the second quarter, rising 0.2% to $10.4 billion. This followed four consecutive quarters of growth.

Growth in motor vehicle and parts manufacturing, and computer and electronic product manufacturing largely offset the decline in profits in chemical, plastics and rubber products manufacturing, and primary metal manufacturing.

Profits in the mining and quarrying industry increased by $401 million to just under $2.0 billion, as certain commodity prices rose.

Financial sector

Profits of insurance carriers and related activities declined by $868 million to $1.6 billion.

Depository credit intermediation, mainly chartered banks, and non-depository credit intermediation tempered the decline with increases in profits of 5.3% and 13.1%, respectively.

Available on CANSIM: tables 187-0001 and 187-0002.

Definitions, data sources and methods: survey number 2501.

Aggregate balance sheet and income statement data for Canadian corporations are now available through CANSIM. They are available at the national level for 22 industry groupings.

The second quarter 2010 issue of the Quarterly Financial Statistics for Enterprises (61-008-X, free) will be available soon.

Financial statistics for enterprises for the third quarter will be released on November 24.

For more information, or to order data, contact Client Services (toll-free 1-888-811-6235; iofd-clientservicesunit@statcan.gc.ca). To enquire about the concepts, methods, or data quality of this release, contact Philippe Marceau (613-951-4390; philippe.marceau@statcan.gc.ca) or Khalid Berrahou (613-951-1989; khalid.berrahou@statcan.gc.ca), Industrial Organization and Finance Division.

Table 1

Quarterly financial statistics for enterprises
  Second quarter 2009r First quarter 2010r Second quarter 2010p First quarter to second quarter 2010 Second quarter 2009 to second quarter 2010
  Seasonally adjusted
  $ billions % change
All industries          
Operating revenue 735.3 775.1 774.9 0.0 5.4
Operating profit 48.0 62.8 61.7 -1.8 28.5
Net profit 42.8 49.6 44.9 -9.4 5.0
Non-financial          
Operating revenue 662.8 699.4 699.3 0.0 5.5
Operating profit 36.1 47.1 46.4 -1.5 28.5
Net profit 31.9 39.0 34.4 -11.8 7.8
Financial          
Operating revenue 72.6 75.6 75.6 0.0 4.2
Operating profit 11.9 15.7 15.3 -2.7 28.3
Net profit 10.9 10.6 10.5 -0.7 -3.5
revised
preliminary
Note(s):
Figures may not add up to totals because of rounding.