Operating profits for Canada's corporate sector fell for a third consecutive quarter, according to Statistics Canada data released Wednesday.
Corporate profits fell 6.4% in the second quarter to $50.2 billion from $53.6 billion in 2009's first quarter and $62.4 billion in 2008's fourth quarter. Year-over-year profits have fallen 32% from $73.7 billion in 2008's second quarter.
Financial sector profits contributed to much of the decline, with profits in the sector falling 13.1% in the second quarter to $12.5 billion from $14.4 billion in 2009's first quarter.
Manufacturers also reported a 7.1% decline in second quarter profits to $6.8 billion. Price declines and longer-than-normal shutdowns in the petroleum and coal manufacturing sectors accounted for the bulk of the decline.
Lower oil prices led to a 6.8% decline in oil and gas profits to $4.2 billion, while potash and nickel producers realized an 11.5% decline in profits to $1.6 billion due to reduced demand that has led to stoppages to certain mining operations.
The retail sector also reported double-digit profit declines, falling 11.1% to $3.1 billion in the second quarter. Lower profits among major clothing, department and other general merchandise stores accounted for much of the decline.