Source: The Canadian Press

Operating profits for Canadian corporations totalled $61.7 billion in the second quarter, down 1.8% from the previous quarter.

Statistics Canada reports overall profits were down despite the fact that 15 of 22 industries reported higher profits.

The insurance and oil-and-gas industries led the declines.

In the non-financial sector, profits decreased 1.5% to $46.4 billion, while financial industry profits declined 2.7% to $15.3 billion.

However, on a year-over-year basis, profits in both sectors in the second quarter were roughly 28% above the levels in the second quarter of 2009.

Operating profits for oil-and-gas extraction and support activities declined 13.9% to $4.3 billion between the first and second quarters of this year.

Profits among insurance carriers and related activities declined $868 million to $1.6 billion.

Profits for retailers fell 6.3% to $3.8 billion, while manufacturers remained relatively flat, with their profits rising 0.2% to $10.4 billion.