CANADIAN PACIFIC REPORTS RECORD FIRST QUARTER RESULTS

CANADIAN PACIFIC REPORTS RECORD FIRST QUARTER RESULTS

   Canadian Pacific Railway reported $85 million in first quarter net income, up 51.8 percent over the same quarter in 1999.

   Operating income rose 33 percent to $187 million and the Canadian railroad's operating ratio improved 3.6 percentage points to $79.5 percent. The railroad said the record first-quarter results reflected increased revenue and continues cost reduction efforts.

   Freight revenue increased 9 percent to $869 million, reflecting growth in service-sensitive traffic and a rebound in bulk shipments, CP said. Automotive revenue was up 14 percent and intermodal revenue increased 7 percent due to a robust domestic economy and efforts to move more traffic through the Port of Vancouver, British Columbia.

   Operating expenses rose $33 million, or 5 percent, to $726 million despite skyrocketing fuel prices and a 20-percent increase in workload.