Canadian firms record decrease in revenues in 3rd quarter| MENAFN.COM

Thursday, 08 December 2022 04:07 GMT

Canadian firms record decrease in revenues in 3rd quarter


(MENAFN) Canadian corporations recorded a plummet of 8.1 percent, or USD12.1 billion, in net revenue before taxes (NIBT) in the July-September period, based on official figures issued on Wednesday.

The decrease was because of a decline in both the economic sector with 11.6 percent and the non-economic sector with 6.7 percent, as stated by Statistics Canada.

NIBT of oil and natural gas extraction fell 3.4 percent to USD14.1 billion as a result of less energy cost in the mentioned period.

Costs of crude energy goods plummeted 10.6 percent in the same quarter, as read by the declaration.

"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 added.

While the sales of refined petroleum went down by 8 percent, NIBT of petroleum and coal product manufacturing saw a big decrease of 61.7 percent, or USD5 billion, in the same months.

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