WASHINGTON (AFX) - After-tax corporate profits fell 1.7 pct in the second quarter, less than the previous estimate of a 2.0 pct fall, the Commerce Department said. On a year-on-year basis, corporate profits were down 12.3 pct. Corporate profits fell to a revised annual rate of 510.3 bln usd in the second quarter. Corporate profits with inventory valuation and capital consumption adjustments fell 3.8 pct in the second quarter, greater than the previous estimate of a 3.6 pct drop. Pretax operating profits fell a revised 2.3 pct, a bigger drop than the previous estimate of a 2.2 pct fall.