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Quarterly financial statistics for enterprises, third quarter 2013

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Released: 2013-11-26

Canadian corporations earned $77.0 billion in operating profits in the third quarter, up 1.5% from the previous quarter. This follows a 2.6% gain in the second quarter. Operating profits rose in 15 of 22 industries.

Chart 1  Chart 1: Quarterly operating profits - Description and data table
Quarterly operating profits

Chart 1: Quarterly operating profits - Description and data table

In the non-financial sector, operating profits grew 2.3% to $52.9 billion in the third quarter, following a 3.4% decline the previous quarter. Oil and gas extraction led the growth, up 23.8% to $2.2 billion.

Chart 2  Chart 2: Quarterly change in operating profits - Description and data table
Quarterly change in operating profits

Chart 2: Quarterly change in operating profits - Description and data table

In the financial sector, operating profits fell 0.4% to $24.1 billion, following an 18.5% gain in the second quarter. Most of the third quarter decline came from life, health and medical insurance carriers.

On a year-over-year basis, operating profits for Canadian corporations increased 4.3% compared with the third quarter of 2012. Profits edged down 0.1% in the non-financial sector and rose 15.4% in the financial sector.

Non-financial sector

Operating profits in oil and gas extraction grew for the second consecutive quarter, rising 23.8% to $2.2 billion in the third quarter on the strength of favourable market conditions.

Operating profits in the manufacturing sector declined 0.8% to $10.4 billion. While 8 of 13 manufacturing industries reported gains, a decline in computer and electronic product manufacturing operating profits largely offset the increases.

The petroleum and coal products industry saw the largest increase in operating profits in the manufacturing sector, up 65.5% to $2.6 billion, mainly on strong revenues from crude petroleum refining.

Motor vehicle and parts manufacturing profits rose 34.1% to $907 million on strong third quarter profits, mainly in parts manufacturing.

Operating profits for wholesale trade grew 3.9% to $5.9 billion. Building material and supplies wholesalers led the gain, up 20.3% to $1.0 billion.

Operating profits for retail trade rose 6.2% to $4.1 billion, led by motor vehicle and parts dealers (+20.1% to $747 million).

Real estate and rental and leasing profits rose 5.0% to $4.8 billion.

Financial sector

In the financial sector, operating profits edged down 0.4% to $24.1 billion in the third quarter.

Operating profits declined by $954 million to $3.6 billion for life, health and medical insurance carriers.

Operating profits for property and casualty insurance carriers fell by 4.5% to $1.1 billion in the third quarter, as claims stemming from last summer's floods in Alberta and Toronto and the rail disaster in Quebec affected their financial results.

Banking and other depository credit intermediation profits rose 4.1% to $10.3 billion.

  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 when preparing their financial statements for fiscal years starting on or after January 1, 2011. Canadian private enterprises are required to replace CGAAP with Accounting Standards for Private Enterprises or International Financial Reporting Standards. The adoption of new accounting standards by some enterprises since the beginning 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 estimates for the first and second quarters of 2013 have been revised. For more information on seasonal adjustment, see Seasonal adjustment and identifying economic trends.

Quarterly financial statistics for the first quarter 2010 forward are based on the 2012 North American Industry Classification System (NAICS). For the period prior to the first quarter 2010, the financial statistics are based on the 2007 NAICS.

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.

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 third quarter 2013 issue of the Quarterly Financial Statistics for Enterprises (Catalogue number61-008-X) will be available soon.

Financial statistics for enterprises for the fourth quarter will be released on February 25, 2014.

Contact information

For more information, contact us (toll-free 1-800-263-1136; 514-283-8300; or Media Relations (613-951-4636;

To enquire about the concepts, methods, or data quality of this release, contact Daryl Keen (613-951-1810); or Daniel Agoussi (613-951-2658;, Industrial Organization and Finance Division.

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