Corporate profits after taxes rose 11.5 percent in the second quarter, the sharpest increase in five years, the Commerce Department said Thursday.

Profits after taxes jumped to $166.6 billion, up 11.5 percent from $149.4 billion in the first quarter, the bureau said. That was the largest increase since a 14.5 percent jump in the second quarter of 1983.In the second quarter, profits increased for transportation companies and public utilities as well as for manufacturers of big-ticket factory goods and for non-manufacturing concerns, the bureau said.

Profits decreased for trade companies and manufacturers of more quickly consumed goods such as food and clothing, the bureau said. Petroleum company profits increased, the bureau said.

The foreign component of profits increased $8 billion after a decrease of $11.2 billion in the first quarter, the bureau said.

This reflects increased foreign dividend payments to U.S. residents and a higher rate of reinvested earnings by foreign companies into U.S. affiliates and a corresponding drop in such payments by American companies to foreign residents.