TORONTO, April 20 Reuters) - Canadian Pacific Railway Ltd , which is fighting a proxy battle with its biggest shareholder, said on Friday that first-quarter profits more than quadrupled and that a key efficiency measure strengthened.
Canada’s second-biggest railway reported net income of C$142 million, or 82 Canadian cents a share. That compares with a profit of C$34 million, or 20 Canadian cents, in the same period of 2011.
Operating ratio, which measures operating costs as a percentage of revenue, improved to 80.1 percent from 90.6 percent in the year-earlier period. The lower the number, the more efficient the operation.