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Canada 4th-Quarter Company Profits Rose 1.4% on Cars, Insurance

Feb. 26 (Bloomberg) -- Canadian corporate profits increased 1.4 percent in the fourth quarter, led by gains by insurance firms and car manufacturers.

Operating profits rose to C$72.5 billion ($70.6 billion) in the October-December period from a revised C$71.5 billion in the previous quarter, Statistics Canada said today in Ottawa. Profits are down 1.2 percent from the fourth quarter of 2011.

Thirteen of 22 industries reported higher earnings in the quarter, with car manufacturing recording a 33.2 percent gain, Statistics Canada said. Profits for the oil and gas industry fell 22.7 percent, while mining profits were down 18 percent. Operating profits for petroleum and coal products manufacturers declined 26.5 percent.

Earnings for all non-financial companies rose 2.1 percent to C$53.1 billion in the fourth quarter, according to the report. Financial company profits declined 0.4 percent to C$19.4 billion, as a 29.7 percent gain by insurance companies didn’t offset a drop in profits at banks.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Christopher Wellisz at cwellisz@bloomberg.net

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