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Canadian Trucking Firms’ 2Q Revenue Up, Profits Down on Higher Expenses
Canadian trucking businesses posted higher revenue but saw their operating profits slip in the second quarter, due to higher expenses, Statistics Canada said Tuesday.
Firms’ operating revenue rose 5.9% from the same quarter last year to C$10.5 billion, StatCan said.
A 7.7% increase in operating expenses outpaced revenue, yielding an operating profit drop of 8.3%, to C$1.03 billion.
Firms reported operating expenses of C$9.4 billion in the second quarter, up from $8.8 billion in the same quarter a year ago.
Rising fuel expenses — 19.4% higher from a year ago — helped drive the overall increase in expenses, StatCan said.
Smaller firms with annual revenue less than C$1.3 million led the decline. Fuel expenses represent a larger share of total expenses for small firms — 34%, compared with 17% for larger firms.
