According to Statcan, Canadian corporations earned $72.9 billion in operating profits in the second quarter, down 3.4% from the previous quarter. The decrease was attributable to a $3.2 billion decline in profits for insurance carriers.

Year over year, overall operating profits for Canadian corporations fell 15.3% compared with the second quarter of 2015.

The oil and gas extraction industry reported an operating loss of $4.2 billion in the second quarter.

Petroleum and coal product manufacturing posted its second consecutive quarterly operating loss, recording an operating loss of $788 million in the second quarter, following an operating loss of $858 million in the first quarter.