Canadian National profits down 16pc in third quarter

CANADIAN National Railway's third quarter net profit fell 16 per cent year on year to C$461 million (US$428 million) drawn on a revenue of C$1.8 billion, a decline of 18 per cent.

This was attributed to "significant weakness across markets affecting our freight volumes", said CN president and CEO Hunter Harrison, who added that revenue ton-mile declines narrowed, falling 11 per cent against the previous quarter's 14 per cent decline.

Intermodal traffic fell 20 per cent, but the steepest decline hit metals and minerals at 32 per cent and automotive at 25 per cent. Forest products were down 24 per cent; petroleum and chemicals 11 per cent with coal grain and fertilisers falling nine per cent.

(Source: www.schednet.com)