Canadian Second-Quarter Profits Fell 0.8% on Factories Decline

Canadian corporate profits fell 0.8 percent in the second quarter, led by manufacturers.

Operating profits fell to C$72.2 billion ($68.6 billion) in the April-June period from C$72.8 billion in the previous quarter, Statistics Canada said today in Ottawa. Profits were up 1.4 percent from the second quarter of 2012.

Ten of 22 industries reported lower earnings in the quarter, Statistics Canada said. Profits of non-financial companies fell 3.9 percent to C$51.1 billion in the quarter, led by a 16.6 percent drop for manufacturers. Financial companies posted a 7.6 percent rise to C$21.1 billion, led by life and health insurance companies.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Christopher Wellisz at cwellisz@bloomberg.net

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