BUSINESS

Corporate operating profits down 0.8% in Q2 at $72.2B: Statistics Canada

08/27/2013 08:42 EDT | Updated 10/27/2013 05:12 EDT
OTTAWA - Statistics Canada says corporations earned $72.2 billion in operating profits in the second quarter, down 0.8 per cent from the previous quarter.

The agency says the decline followed a 2.8 per cent decrease in the first quarter.

In the non-financial sector, operating profits fell 3.9 per cent to $51.1 billion, following a 0.5 per cent decrease the previous quarter.

Manufacturing industries led the decline with a 16.6 per cent drop to $9.9 billion.

In the financial sector, operating profits increased by 7.6 per cent to $21.1 billion in the second quarter, following an 8.5 per cent decline in the first quarter.

Most of the second-quarter gain came from life, health and medical insurance carriers.