Canadian corporations earned $69.4 billion in operating profits in the second quarter of 2008, up 2.5% from the first quarter, helped by an increase in commodity prices, Statistics Canada said today.

StatsCan said 15 of 22 industry groups reported higher profits, led by oil-and-gas extraction and manufacturing.

Profits in the non-financial sector grew 4.1% to $50.6 billion, while those in the financial sector declined 1.7% to $18.8 billion.

It was the third straight quarter in which finance industry profits have decreased.

“Banking and other depository credit intermediaries’ earnings retreated for the third consecutive quarter, as a result of losses from exposure to asset backed commercial paper and lower investment banking revenue,” StatsCan said.

Mining profits advanced as prices for potash and other inputs to fertilizer strengthened, while coal – a key input into the production of high-demand steel – helped push profits higher.

Other profits in the manufacturing sector were relatively flat, dampened by higher input costs, such as those for raw materials.

Motor vehicle and parts manufacturers posted losses in the second quarter amidst continuing restructuring.

Chemical, plastics, and rubber product manufacturers earned higher profits.

Transportation and warehousing earnings were down, as higher fuel costs continued to hurt profit margins.

Telecommunications earnings grew in the second quarter while growth in retail profits slowed.