CP Ships second-quarter income jumps

CP Ships second-quarter income jumps

'''CP Ships, the ocean liner subsidiary of Canadian Pacific Ltd., reported second-quarter net income of Can $56.1 million ($37.6 million), up 292 percent over the Can $19.2 million reported in the year-earlier quarter.

''''Revenue was Can $972.0 million ($652.2 million), up from Can $689.5 million. Operating income was Can $67.6 million ($45.4 million), compared to Can $31.5 million for the second quarter of 1999.

''''The company credited the rebound in earnings on a strong North American economy which boosted carryings and improved freight rates.

''''Carryings totaled 464,000 TEUs, compared to 352,000 for the year-earlier period.

''''For the first six months of 2000, net income was Can $84.7 million ($56.8 million), up from Can $24.9 million in the year-earlier period. Revenue was Can $1.87 billion ($1.26 billion), up from $1.36 billion in 1999. Operating income was Can $107.8 million ($72.3 million), up from Can $44.6 million in 1999.

''''Carryings for the first six months totaled 902,000 TEUs, compared with 655,000 for the year-earlier period.

''''CP Ships acquired the remaining 50-percent interest in Americana Ships earlier this year. Americana operates Lykes Lines and TMM Lines. CP Ships is also the parent company of Canada Maritime, Cast, Contship Containerlines, Australia New Zealand Direct Lines, and Montreal Gateway Terminals.