CP Railway’s 2nd quarter net income up 46%
Canadian Pacific Railway’s second quarter net income jumped 46 percent to C$123 million ($99 million) from C$84 million for the same period last year.
CPR’s operating income rose 23 percent to C$271 million ($219 million) from C$221 million. Revenue increased 10 percent to C$1.1 billion ($888 million) from C$1 billion.
Second quarter revenue increased in five of CPR’s seven business lines, led by a 48 percent increase in coal, 10 percent in intermodal freight, and 7 percent in grain. CPR said revenue per carload increased 14 percent.
For the year-to-date, the railway’s net income leaped 90 percent to C$204 million ($165 million), compared to C$107 million in the first half 2004. First half operating income was up 34 percent at C$450 million ($363 million) from C$337 million in 2004. Revenues increased to C$2.1 billion ($1.7 billion) from C$1.9 billion.
CPR said it expects revenue to increase 12 to 14 percent in the remainder of 2005.