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Operating profits for Canadian corporations totalled $61.7-billion in the second quarter, down 1.8 per cent 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.

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

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

Operating profits for oil-and-gas extraction and support activities declined 13.9 per cent 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 per cent to $3.8-billion, while manufacturers remained relatively flat, with their profits rising 0.2 per cent to $10.4-billion.

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