Industry

Canadian companies see 8.1% income decline in Q3

Canadian corporations reported a decline of 8.1%, or $12.1 billion, in net income before taxes (NIBT) in the third quarter of this year, according to official figures released on Wednesday.

The decline was driven by a decrease in both the financial sector with 11.6% and the non-financial sector with 6.7%, Statistics Canada said in a statement.

NIBT of oil and natural gas extraction was down 3.4% to $14.1 billion due to lower energy prices in the third quarter.

Prices of crude energy products were down 10.6% in the third quarter, according to the statement.

"The decline of crude oil exports to the United States in part caused a decrease in the profitability of the oil and gas sector, as the United States increased their supply by releasing more barrels of oil from its Strategic Petroleum Reserve," it said.

While the sales of refined petroleum posted an 8% decrease, NIBT of petroleum and coal product manufacturing posted a massive decline of 61.7%, or $5 billion, during the third quarter, it added.

Source: Anadolu Agency