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Canadian company profits gained for the first time in nine months in the fourth quarter, driven mainly by manufacturers and energy companies, according to government data.
Corporations earned $54.1 billion in operating profits in the three months to end-September, according to Statistics Canada. That's up 7.9% from the previous quarter and follows three consecutive quarterly declines.
Overall gains were widespread, with companies in 18 of 22 sectors reporting a rise in profits in the period.
Manufacturing companies saw profit rise 28.6% to $9.4 billion, helped in part by U.S. government incentives to boost its auto industry. Motor vehicle and parts manufacturers had an operating loss of $100 million in the quarter, that compares with a loss of $1 billion in the second quarter.
Higher oil prices pushed up profit at energy companies with a gain of 20.4% to $5.9 billion. That was the first increase in four quarters.
Overall profit in non-financial industries increased 10.4% from the second quarter to $41.7 billion, while profits in financial industries remained flat at $12.4 billion, up 0.3% from the second quarter.