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Company News

Canadian Pacific quarterly profit falls 12%

July 22 (Reuters) - Canadian Pacific Railway Ltd reported a 12.3% fall in quarterly profit on Wednesday, hurt by a decline in freight activity due to coronavirus-related lockdowns.

The company’s net income fell to C$635 million, or C$4.66 per share, in the second quarter ended June 30, from C$724 million, or C$5.17 per share, a year earlier.

On an adjusted basis, Canadian Pacific earned C$4.07 per share. Its revenue declined 9.3% to C$1.79 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Aditya Soni)

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