Statistics Canada says business operating profits up in fourth quarter

OTTAWA – Statistics Canada says Canadian corporations earned $79.1 billion in operating profits in the fourth quarter, up 0.8 per cent from the previous quarter.

The increase followed a 0.2 per cent gain in the third quarter and were up 5.6 per cent compared with the fourth quarter of 2012.

The agency says operating profits rose in 14 of the 22 industries tracked.

Operating profits for the non-financial sector grew 2.1 per cent to $56.9 billion in the fourth quarter, following a 3.7 per cent increase the previous quarter.

Information and cultural industries were up 14.9 per cent to $4.6 billion as the telecommunications industry improved by 25.9 per cent.

However, the financial sector saw operating profits fall 2.3 per cent to $22.2 billion, following a 7.5 per cent decline in the third quarter.