Canadian firms experience 8.1 percent revenue drop in Q3| MENAFN.COM

Tuesday, 06 December 2022 06:15 GMT

Canadian firms experience 8.1 percent revenue drop in Q3


(MENAFN) Canadian corporations mentioned in a report that a decrease of 8.1 percent, or USD12.1 billion, in net income before taxes (NIBT) in the July-September of this year, as shown by official data issued on Wednesday.

The reduction was triggered by a fall in the two the economic industry with 11.6 percent as well as the non-economic industry with 6.7 percent, Statistics Canada mentioned in an announcement.

NIBT of oil and natural gas extraction was down 3.4 percent to USD14.1 billion because of lower energy prices in the July-September period.

Prices of crude energy outputs were decreased by 10.6 percent in the July-September, in line with the announcement.

It stated that "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."

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