Canadian corporate profits increased 6% in the first quarter, compared with 2003’s final quarter, boosted by gains in the oil and gas and banking sectors, Statistics Canada said today.

Eight increases in the past nine quarters have boosted operating profits to a record high of $47.4 billion, from $44.7 billion in the fourth quarter and $43.8 billion in the first quarter of 2003, the statistics agency said in a release.

Compared with 2003’s first quarter, overall operating profits were up 8.1%.

Non-financial industries posted a 6.4% jump in operating profits from 2003’s final quarter, led by oil and gas (up 18.2%) and manufacturing companies (up 13.5%).

Transportation and warehousing companies lost ground as their profits dropped 11.8% to $2.1 billion. Overall, 10 of the 17 non-financial industries showed higher profits in the first quarter.

The financial industries reported a five% improvement in operating profits, led by a 15.8% gain by depository credit intermediaries — mainly chartered banks. But insurance carriers saw profits slide 7.8% to $2.4 billion.

“Oil and gas extraction companies reaped the benefits of rising crude oil prices in the first quarter, as operating profits jumped 18.2% to $4.8 billion,” StatsCan said.

“Strong demand, coupled with worldwide supply concerns, lifted average crude oil prices almost 15% above fourth-quarter levels. However, profits remained well below those earned a year earlier when crude prices spiked to all-time highs, jolted by the war in Iraq and Venezuelan supply disruptions.”

Operating profits of the chartered banks rose 17.3% to reach a record high of $5.2 billion, benefiting from lower loan-loss provisions in an improved credit environment and higher interest income.

“Stronger equity markets contributed to growth in underwriting fees, trading gains and securities trading commissions,” the agency said.

The quarterly financial statistics cover the activities of all corporations in Canada, excluding government controlled and not-for-profit corporations.