OTTAWA — Canadian corporations earned $50.2 billion in operating profits in the second quarter, down 6.4 per cent from the previous quarter.
This compares with declines of 14.1 per cent in the first quarter and 19.2 per cent in the fourth quarter of 2008.
Statistics Canada reports operating profits have declined 35.1 per cent since their peak in the third quarter of 2008.
Profits in the non-financial industries fell four per cent to $37.6 billion in the second quarter, while profits in the financial industries shrank by 13.1 per cent to $12.5 billion.
The agency says lower profits in the quarter were mainly attributable to manufacturing, banks and credit unions, and insurance carriers as 12 of 22 industries reported lower profits.
This compares with 16 of 22 industries reporting decreases in profits in the first quarter.
Manufacturers earned $6.8 billion in operating profits in the second quarter, down 7.1 per cent from the first quarter.
In contrast, food and soft drink manufacturers reported $1.3 billion in profits in the second quarter, up 10.9 per cent from the first quarter.
Reduced demand for potash and nickel, which prompted stoppages at certain mining operations, contributed to an 11.5 per cent decline in industry profits to $1.6 billion in the second quarter.
Meanwhile, oil-and-gas extractors earned $4.2 billion in profits, falling 6.8 per cent, as oil-and-gas extractors limited production in light of lower prices.
Operating profits for retail trade fell 11.1 per cent to $3.1 billion in the second quarter, driven largely by lower profits among major clothing, department and other general merchandise retailers.
Wholesale trade reported operating profits of $3.2 billion, down 11.5 per cent.