Corporate operating profits hit a record $58.4 billion in the third quarter, climbing 2.8% over the previous quarter, Statistics Canada said today.

However, the government agency noted that three-quarters of the increase was in the petroleum refining and the banking industries, without which operating profits edged up a more modest 0.8%.

StatsCan said profit growth has slowed considerably in 2006 following average quarterly gains of 4.1% in 2005.

Non-financial industries earned operating profits of $42.4 billion, up 2.4% from the second quarter, with profits in petroleum, metal mining, construction and transportation services rising noticeably.

Declines in other sectors were widespread. Among the 17 non-financial industries, only six showed profit gains, two remained essentially unchanged and nine lost ground.

The financial industries’ operating profits increased 3.8% to $16 billion in the third quarter, while manufacturers advanced 7.9% to $10.7 billion . That increease was entirely due to higher profits by petroleum and coal manufacturers, whose profits swelled 31.9% to $3.5 billion.