AMERICANA LOSS CUTS CP SHIPS PROFIT
CP Ships reported an 85-percent drop in first-quarter net income, to C$6
million ($4 million), from C$37 million in the year-earlier quarter.
Operating income dropped to C$7 million ($5 million), from C$41 million.
CP Ships reported a loss on its 50-percent share of the Americana Ships
joint venture with Transportacion Maritima Mexicana.
The Canadian-owned shipping group also blamed lower freight rates in the
transatlantic trade for its lower profit results.
Revenue rose 11 percent, to C$667 million ($433 million), as CP Ships
container carryings also increased by 11 percent, to 303,000 TEUs.
CP Ships said that Americana Ships would improve its results as the year
progresses.