OTTAWA, May 25 (Xinhua) -- Canadian corporations reported an increase of 18.1 percent in net income before taxes, or 15.4 billion Canadian dollars (about 12.8 billion U.S. dollars), to a total of 100.7 billion Canadian dollars in the first quarter of 2021, according to Statistics Canada on Tuesday.
The operating revenue rose 0.6 percent, or 6.7 billion Canadian dollars, to 1,103.7 billion Canadian dollars in the first quarter.
In the same period, the Canadian financial sector rose 11 percent in net income before taxes, or 3.9 billion Canadian dollars, while net income before taxes in the non-financial sector increased 11.5 billion Canadian dollars to 61.2 billion Canadian dollars, up 23.1 percent.
Net income before taxes in the mining and quarrying and support activities industry recorded an increase of 4.5 billion Canadian dollars due to higher commodity prices.
Net income before taxes in the oil and gas extraction and support services industry rose 2.4 billion Canadian dollars thanks to higher oil prices, and net income before taxes in the manufacturing sector added 2.5 billion Canadian dollars to 15.3 billion Canadian dollars in the first quarter.
Meanwhile, net income before taxes in the primary metal and fabricated metal product and machinery manufacturing industry increased 905 million Canadian dollars because of increased volumes and prices for outputs of steel mills and ferro-alloy manufacturing.
Net income before taxes in aerospace, rail and ship products and other transportation equipment manufacturing increased 413 million Canadian dollars as demand for large-cabin aircraft and private jets is benefitting from a rebound in air travel and higher aircraft utilization rates.
Partially offsetting these increases in net income before taxes for the manufacturing sector was the pharmaceutical and medicine manufacturing, and soap, agricultural chemicals, paint and other chemical product manufacturing industry, which decreased 1.6 billion Canadian dollars, mainly because of a decline in revenue from investment activities.
Net income before taxes in the retail trade sector increased 488 million Canadian dollars to 7.2 billion Canadian dollars in the quarter while net income before taxes in the wholesale trade sector decreased 337 million, to 8.6 billion Canadian dollars.
Net income before taxes for financial corporations increased 3.9 billion Canadian dollars to 39.5 billion Canadian dollars in the first quarter.
Among insurance carriers, net income before taxes fell 663 million Canadian dollars. The decrease was led by life, health and medical insurance carriers, which saw their net income before taxes fall 22 percent, because of increased expenses arising from actuarial liabilities. Enditem
