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CP rail posts 26pc quarterly profit hike to US$356 million, revenue up 9pc
CANADA's No 2 railway, the Canadian Pacific (CP), has posted a 26 per cent year-on-year third quarter net profit increase to C$400 million (US$356 million), drawn on revenues of C$1.67 billion, up nine per cent.
"The CP team delivered another quarter of impressive results," said CEO Hunter Harrison. "Despite recent volatility in commodity prices, we are confident in the strength of the franchise."
The quarterly results statement was accompanied by a note saying that CP had been added to a list of defendants in the July 6, 2013 Lac Megantic, Quebec, rail accident, in which a train carrying crude oil operated by Montreal Maine and Atlantic Railway (MM&A) derailed and exploded, killing 50 residents.
The previous day CP had supplied the train to MM&A, after which MM&A exercised exclusive control over it, said the CP statement.
A class action lawsuit has also been filed in the Superior Court of Quebec on behalf of the locals in the town. The lawsuit seeks damages caused in wrongful deaths, personal injuries, and property damage.
"At this stage, potential liability and the quantum of loss cannot be determined. Nevertheless, CP denies liability for MM&A's derailment and will vigorously defend itself in both proceedings and any proceeding that may be commenced in the future," said the statement.
"The CP team delivered another quarter of impressive results," said CEO Hunter Harrison. "Despite recent volatility in commodity prices, we are confident in the strength of the franchise."
The quarterly results statement was accompanied by a note saying that CP had been added to a list of defendants in the July 6, 2013 Lac Megantic, Quebec, rail accident, in which a train carrying crude oil operated by Montreal Maine and Atlantic Railway (MM&A) derailed and exploded, killing 50 residents.
The previous day CP had supplied the train to MM&A, after which MM&A exercised exclusive control over it, said the CP statement.
A class action lawsuit has also been filed in the Superior Court of Quebec on behalf of the locals in the town. The lawsuit seeks damages caused in wrongful deaths, personal injuries, and property damage.
"At this stage, potential liability and the quantum of loss cannot be determined. Nevertheless, CP denies liability for MM&A's derailment and will vigorously defend itself in both proceedings and any proceeding that may be commenced in the future," said the statement.
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