Corporate operating profits down 1.2 per cent in Q1: StatsCan

OTTAWA – Statistics Canada says corporations earned $74 billion in operating profits in the first quarter, down 1.2 per cent from the previous quarter.

It says this comes after a 1.4 per cent increase in the fourth quarter of 2012.

Operating profits decreased in 14 of 22 industries, led by insurance carriers and related activities, whose profits were down 16 per cent to $3.9 billion.

Securities, commodity contracts and other financial investments fell 4.2 per cent to $5.5 billion.

In the non-financial sector, first quarter operating profits rose 0.3 per cent to $53.6 billion, following a 0.9 per cent increase in the previous quarter.

Retail trade profits increased 1.7 per cent to $4.1 billion while profits for manufacturing industries declined 1.0 per cent to $12.1 billion and wholesale trade profits fell 3.0 per cent to $5.7 billion.