The energy sector’s increase in operating profit outpaced all other major Canadian industries
· CBC News ·
Canada’s energy sector saw a big bump in profit in the first quarter this year as rising oil prices helped businesses swing from a loss in the previous quarter, according to the latest federal government data.
Operating profit for companies in oil and gas extraction and support services rose by $1.6 billion in the first three months after a loss of $678 million in the fourth quarter of 2018 to $909 million, according to Statistics Canada.
“This increase was attributable to a rise in oil prices,” the report said.
Meanwhile, Western Canadian Select oil has jumped more than 45 per cent to over $41 a barrel.
Energy led gains among all industries
The gain in operating profit in the energy sector outpaced all other major Canadian industries in the first quarter.
The manufacturing and real estate sectors were the only other major industries that saw operating profit increase, while it declined for financial, technology, wholesale trade and retail sectors, according to Statistics Canada.