08/28/2012 01:26 EDT | Updated 10/28/2012 05:12 EDT

Corporate profits decline in 2nd quarter

Canadian corporations made five per cent less profit in the second quarter of this year than they did in the first, Statistics Canada data showed Tuesday.

Canadian firms earned $71.9 billion in operating profits in the second three months of the year, a decline of 4.9 per cent from the start of the year.

Fifteen of 22 industries the agency surveys showed profit declines. But the oil and gas and insurance industries posted the largest declines.

The information and cultural industries and the mining industry each registered a slight growth in profits.

Profits in the manufacturing sector declined 9.8 per cent to $12.2 billion, with eight of 13 subsectors showing declines.

On an annualized basis, profits were still 1.5 per cent higher last quarter than they were a year ago. But that's the slowest pace of increase since the recession.

An 8.6 per cent increase in profits in the financial sector more than offset a 0.9 per cent decrease in everything else.