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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

August 23, 2019



Canadian corporations earned $107.1 billion in operating profits (seasonally adjusted) in the second quarter of 2019 - an increase of 5.2 per cent compared to the previous quarter. Compared to Q2 2018, operating profits were down 0.4 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 $32.4 billion through Q2 2019.                

The non-financial sector operating profits (seasonally adjusted) were up 2.2 cent to $75.7 billion in the second quarter with increases in 13 of the 17 non-financial industries.  Oil and gas extraction profits were up 20.7 per cent (+$325 million) with a rise in oil prices. Manufacturing sector profits increased 0.8 per cent (+$116 million) led by petroleum and coal product manufacturing (+29.6%) while profits declined in wood and paper (-20.4%) on weaker market conditions and high log costs. Motor vehicle and parts manufacturing profits declined 17.3 per cent or $242 million in Q2 2019. Both wholesale and retail trade posted increases in the quarter.

Financial industry profits were up $3.7 billion (+13.4%) in the second quarter, following declines in the previous two quarters of $11.8 billion. Depository credit intermediation was up $2.6 billion (+21.0%) after making a non-recurrent payment to external business partners in the previous quarter. Insurance carriers operating loss of $1.7 billion in Q1 2019 improved to an operating loss of $1.3 billion in Q2 2019. Property and casualty insurance carriers recorded an increase of $52 million in operating profits on higher insurance revenue despite flooding in Eastern Canada increasing claims.



Comparing the first half of 2019 with first half of 2018, operating profits among non-financial industries are up 3.4 per cent or $4.9 billion with increases in 10 of 17 subsectors. Profits are down in agriculture, forestry, fishing and hunting (-2.7%), utilities (-5.6%), manufacturing (-3.1%), retail trade (-3.1%), professional and technical services (-6.4%), administrative and support services (-0.1%), and repair, maintenance and personal services (-4.4%). The largest increases in profits have been in mining (except oil and gas) (+55.9%), oil and gas extraction (+22.0%), real estate and leasing (+11.6%) and arts, entertainment and recreation (+11.7%).


Operating profits are down $8.2 billion in financial industries since the first half of 2018. Operating losses among insurance carriers are offsetting 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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