Canadian Pacific's quarterly profit hits US$161 million

THE Canadian Pacific Railway has announced second quarter net income of C$166.6 million (US$160.77 million).

"We leveraged volume growth in the quarter to deliver a solid financial performance through a keen focus on cost management," said CP president and CEO Fred Green.

Second quarter total revenues were up 20 per cent to C$1.23 billion; operating income increased 48 per cent to C$274.1 million; and operating ratio improved 430 basis points to 77.8 per cent compared to the same quarter the previous year, the company said in a statement.

CP had a net foreign exchange gain on long-term debt of C$9.4 million after tax in the second quarter of 2010, compared with a loss of C$15.7 million after tax in the second quarter of 2009.

For the first six months, CP had a foreign exchange gain on long-term debt of C$6.3 million after tax, compared to a loss of C$9.2 million after tax in the first half of 2009. CP also had a gain on long-term floating rate notes of C$1.9 million after tax, down from C$3.2 million after tax in the first half of 2009.
(Source:www.schednet.com)