Corporate profits rebound, up 3.7% in third quarter
Statistics Canada says corporations earned $72.2 billion in operating profits in the third quarter, up 3.7 per cent from the previous quarter.
The increase during the July to September period follows a 7.0 per cent decrease in the second quarter.
The agency says operating profits increased in 14 of 22 industries, with manufacturing leading the overall rise, accounting for nearly 30 per cent of the $2.6 billion rise in operating profits over the second quarter.
In the non-financial sector, third-quarter operating profits rose 3.7 per cent to $52.9 billion, after a 5.7 per cent decrease in the previous quarter.
In the financial sector, operating profits increased 3.7 per cent to $19.2 billion, following a 10.5 per cent decline in the second quarter.
On a year-over-year basis, operating profits for corporations were 3.1 per cent higher in the third quarter.
On that basis, profits fell 2.5 per cent in the non-financial sector, while they rose 22.7 per cent in the financial sector.