Canadian Pacific profits up 74pc

Calgary-based Canadian Pacific Railway (CP) has announced a net profit of C$99.8 million (US$99.4 million) for the first quarter ended March 31, up 74 per cent from the C$57.3 million recorded during the same period last year, according to the Shipping Gazette.

The improved figures are indicative of improved conditions, which helped spur an increase in the number of rail freight shipments. Carloads during the quarter climbed 8.5 per cent to 625,000, backed by a 59.5 per cent rise in automotive deliveries, and a 78 per cent jump in sulphur and fertiliser consignments.

Revenue ton-miles for the three-month period were up 16.5 per cent year-on-year at C$30.2 billion, while overall freight revenue rose 5.8 per cent to C$1.14 billion.
"We put in a solid performance this quarter and our results reflect both improvements in the economy and CP's proven ability to rapidly adjust to changes in our customers' demands," said CEO Fred Green. "Our commitment to service reliability, safety, and managing our productivity objectives will continue to drive shareholder value."

Source: Transport Weekly