Corporate profits down 4.9 per cent in Q2: StatsCan
Operating profits decreased in 15 of 22 industries, with manufacturing leading decline
OTTAWA—Statistics Canada says corporate operating profits slipped to $71.9-billion in the second quarter, down 4.9 per cent from the first quarter.
The agency says the slip followed two quarterly increases.
Operating profits decreased in 15 of 22 industries tracked in the second quarter, with manufacturing, the oil and gas and the insurance industry leading the decline.
In the non-financial sector, operating profits declined five per cent to $52.2-billion, following a 5.1 per cent decrease in the first quarter.
In the financial sector, operating profits decreased 4.6 per cent to $19.7-billion, following a 20.1 per cent gain in the first quarter.
Meanwhile, on a year-over-year basis, operating profits for Canadian corporations were 1.5 per cent higher in the second quarter this year than in the second quarter of 2011.