February 23, 2011 / 2:11 PM / 7 years ago

UPDATE 1-Canadian firms' operating profit up 7.9 pct in Q4

* Operating profit rises 7.9 pct from Q3

* 19 of 22 industries report higher profits

* Financial sector, led by insurers, does the best

* Manufacturing, oil, gas, mining also improve (Adds details and year-on-year comparison, paragraphs 3-7)

OTTAWA, Feb 23 (Reuters) - Canadian corporate operating profits jumped 7.9 percent in the fourth quarter from the third, to C$65.5 billion ($66.2 billion), Statistics Canada said on Wednesday.

“Increases were widespread across the economy, as 19 of 22 industries reported higher profits,” it said in a release.

After three consecutive quarters of decline, the financial sector did the best with a 9.5 percent jump to C$15.9 billion. It was led by insurance carriers and related activity, where profits more than doubled to C$1.2 billion.

The “depository credit intermediation industry”, mainly chartered banks, was up 5.6 percent to C$7.3 billion.

The nonfinancial sector rose 7.3 percent to C$49.6 billion. “Three industries (manufacturing, primarily petroleum and coal manufacturers; oil and gas extraction; and mining) accounted for the majority of the $3.4 billion quarterly gain in profits,” Statscan said.

Petroleum and coal products manufacturers saw their profits soar 55.4 percent to C$3.7 billion.

“On a year-over-year basis, operating profits for all industries were 9.0 percent higher in the fourth quarter compared with the fourth quarter of 2009,” Statscan said. “In the nonfinancial sector, profits were 15.3 percent higher, while they were 7.0 percent lower in the financial sector.”

$1=$0.99 Canadian Reporting by Randall Palmer, Editing by Chizu Nomiyama

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