Corporate Q4 profits hit $71 billion
by The Canadian Press
Operating profits for Canadian corporations rose nine per cent to $71.4 billion in the fourth quarter
OTTAWA—Operating profits for Canadian corporations rose nine per cent to $71.4 billion in the fourth quarter, says Statistics Canada.
The quarter-over-quarter numbers reported by the federal agency represented the best showing for corporate profits since the economic downturn in late 2008.
However, Statistics Canada says profits were still $6.1 billion below their peak in the third quarter 2008.
In the fourth quarter of 2011, higher profits were reported in 15 of 22 industries, with growth in manufacturing helping push operating profits in the non-financial sector up 5.3 per cent to $53.5 billion, following a 3.2 per cent gain in the previous quarter.
In the financial sector, growth in the insurance sector pushed operating profits up 21.8 per cent to $17.9 billion, following a 10.9 per cent drop in the previous quarter.
On a year-over-year basis, corporate operating profits were 13.6 per cent higher in the fourth quarter of 2011 compared with 2010.