Corporate operating profits rebounded in 2003 after no growth in 2002, Statistics Canada says.

“Corporations recorded profits of $187.5 billion, a 10% jump from 2002,” StatsCan said today.

“Profits had reached a record high of $191.5 billion in 2000, buoyed by high energy profits and the booming electronics and telecommunications industry. Subsequently, profit levels fell in 2001 and remained flat in 2002.”

In 2003, operating revenues rose 3.2%, while growth in operating expenses was held to 2.7%, StatsCan said.

The top performing industries were banks; oil and gas extraction and support; utilities; finance, leasing and credit card companies; real estate.

But all industries, with the exception of air transportation, showed profits.

Financial industries showed a 26.3% operating profit gain to just short of $50 billion.

“A strengthening economy in 2003 generated $40 billion in corporate income taxes payable to government treasuries, up 13.8% from 2002,” the government agency said.