Quarterly financial statistics for enterprises
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Canadian corporations earned $65.4 billion in operating profits in the first quarter, up 4.2% from the previous quarter. Overall, 11 out of 22 industries reported higher profits in the first quarter.
In the non-financial sector, profits increased 2.2% to $48.4 billion, the third consecutive quarterly increase. In the financial sector, profits rose 10.1% to $17.0 billion, the second consecutive increase.
Note to readers
Quarterly financial statistics are compiled using financial information provided by enterprises that derive these data from their financial statements. Starting on January 1, 2011 Canadian publicly accountable enterprises are required to replace Canadian Generally Accepted Accounting Principles (CGAAP) with International Financial Reporting Standards (IFRS) when preparing their financial statements for fiscal years starting on or after January 1, 2011. Canadian private enterprises are required to replace CGAAP by Accounting Standards for Private Enterprises or IFRS. The adoption of new accounting standards by some enterprises in the first quarter of 2011 may affect comparability with prior periods.
Quarterly profit numbers referred to in this release are seasonally adjusted and are in current dollars. The quarterly financial data for the period covering 2008 to December 2010 have been revised following reconciliation to the 2008 and 2009 annual series. In addition, seasonally adjusted data have been revised back to 2005.
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/or 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.
In the non-financial sector, the growth in profits was led by the manufacturing industry, particularly petroleum and coal manufacturers, and by the oil and gas industry. In the financial sector, the growth was led by depository credit intermediaries.
On a year-over-year basis, operating profits for all industries were 8.1% higher in the first quarter compared with the first quarter of 2010. In the non-financial sector, profits were 6.2% higher; in the financial sector, they were 13.9% higher.
Non-financial sector
Manufacturing profits rose 10.8% to $12.5 billion in the first quarter compared with the previous quarter. Most of this increase came from the petroleum and coal products manufacturing industry, where profits rose 38.5% to $3.1 billion. Also contributing to the growth were fabricated metal product and machinery manufacturers, alcoholic beverage and tobacco manufacturers, and primary metal manufacturers.
Profits for the oil and gas industry were up 16.6% to $3.6 billion in the first quarter. Much of this gain came from higher oil prices and greater exports. It was the third consecutive quarter of growth in oil and gas.
The wholesale industry reported $5.3 billion in profits, up 5.7% from the previous quarter. Growth in wholesale profits was widespread with machinery, equipment and supplies wholesalers accounting for a third of this growth.
Profits for retailers increased 4.6% to $3.9 billion. This was mainly as a result of increases in the food and beverage stores industry, where profits rose 19.8% to $1.0 billion, and in the clothing, department and other general merchandise stores industry, where they rose 12.1% to $0.9 billion.
Financial sector
In the financial sector, most of the first quarter growth came from the depository credit intermediation industry, where profits increased 26.2% to $7.3 billion.
Profits in the insurance carriers and related activities industry increased 10.3% to $3.2 billion.
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 first quarter of 2011 issue of the Quarterly Financial Statistics for Enterprises (61-008-X, free) will be available soon.
Financial statistics for enterprises for the second quarter will be released on August 25.
To order data or for further information, please 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 Khalid Berrahou (613-951-1989; khalid.berrahou@statcan.gc.ca) or Danielle Lafontaine-Sorgo (613-951-2634; danielle.lafontaine-sorgo@statcan.gc.ca), Industrial Organization and Finance Division.
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