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CP Rail quarterly profit falls 19pc to US$245 million as sales rise 2pc
THE Canadian Pacific Railway third quarter net profit fell 19 per cent year on year to C$323 million (US$245.8 million), drawn on revenue of C$1.71 billion, which increased 2.3 per cent.
Results were hurt by a foreign exchange loss on long-term debt though the company reported better-than-expected quarterly profit amid higher freight rates and lower operating costs, Reuters reported.
The country's No 2 railway said freight revenue per carload rose five per cent in the third quarter ended September 30 even as carloads fell 2.6 per cent.
Chief Executive Hunter Harrison said the railway had a new labour agreement with 450 US engineers which was "a big, big breakthrough" that would lead to similar deals with other unions.
The multi-year agreement marks an end to a mileage-based system, providing the railway with increased labour flexibility. Mr Harrison said the deal made the company more efficient by controlling costs at a time of weaker volumes.
The results showed higher revenue in US and Canadian grain, coal, potash, forest products, chemicals and plastics, offsetting a decline in revenue from crude, metals, minerals, and consumer products.
Results were hurt by a foreign exchange loss on long-term debt though the company reported better-than-expected quarterly profit amid higher freight rates and lower operating costs, Reuters reported.
The country's No 2 railway said freight revenue per carload rose five per cent in the third quarter ended September 30 even as carloads fell 2.6 per cent.
Chief Executive Hunter Harrison said the railway had a new labour agreement with 450 US engineers which was "a big, big breakthrough" that would lead to similar deals with other unions.
The multi-year agreement marks an end to a mileage-based system, providing the railway with increased labour flexibility. Mr Harrison said the deal made the company more efficient by controlling costs at a time of weaker volumes.
The results showed higher revenue in US and Canadian grain, coal, potash, forest products, chemicals and plastics, offsetting a decline in revenue from crude, metals, minerals, and consumer products.
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