Canadian Pacific profit up 25.9pc
23.04.2015
Canada's No 2 railway, the Canadian Pacific (CP) posted a 25.9 per cent year-on-year net profit increase to C$320 million (US$260 million) in the first quarter drawn on revenues of C$1.67 billion, according to Shipping Gazette.
The Calgary-based railway credited the positive result to "significantly improved operating efficiency", noting a quarterly four per cent year-on-year increase in freight to 642,000 carloads.
Shipments rose in most major categories, but crude oil carloads slipped eight per cent to 22,000 on weaker oil prices.
Excluding a restructuring charge and the impact of foreign exchange rates on US dollar-denominated debt, earnings rose to C$375 million, or C$2.26 a share, from C$251 million, or C$1.42 a share.
The Calgary-based railway credited the positive result to "significantly improved operating efficiency", noting a quarterly four per cent year-on-year increase in freight to 642,000 carloads.
Shipments rose in most major categories, but crude oil carloads slipped eight per cent to 22,000 on weaker oil prices.
Excluding a restructuring charge and the impact of foreign exchange rates on US dollar-denominated debt, earnings rose to C$375 million, or C$2.26 a share, from C$251 million, or C$1.42 a share.
