Decline in corporate profits slows in Q2: Statscan
Canadian corporations earned $50.2 billion in operating profits in the second quarter, down 6.4 per cent from the previous quarter. This compares with declines of 14.1 per cent in the first quarter and 19.2 per cent in the fourth quarter of 2008.
Statistics Canada reports operating profits have declined 35.1 per cent since their peak in the third quarter of 2008.
Profits in the non-financial industries fell four per cent to $37.6 billion in the second quarter, while profits in the financial industries shrank by 13.1 per cent to $12.5 billion.
The agency says lower profits in the quarter were mainly attributable to manufacturing, banks and credit unions, and insurance carriers as 12 of 22 industries reported lower profits. This compares with 16 of 22 industries reporting decreases in profits in the first quarter. Manufacturers earned $6.8 billion in operating profits in the second quarter, down 7.1 per cent from the first quarter.
In contrast, food and soft drink manufacturers reported $1.3 billion in profits in the second quarter, up 10.9 per cent from the first quarter.
Meanwhile, oil-and-gas extractors earned $4.2 billion in profits, falling 6.8 per cent.
Three telemarketers have been fined by the federal regulator for failing to comply with the new national do-not-call list.
The Canadian Radio-television and Telecommunications Commission said Wednesday it had fined Roofing by Peerless Mason Ltd. and Waterproofing by the same firm $10,000 each, and Rob Sugar $4,000, for failing to comply with the new regulations. The CRTC said the telemarketers were given opportunities to comply but failed to change their practices.
The commission said they now have 30 days to pay the fines, after which they will be charged interest.