October 23, 2013 / 11:56 AM / in 5 years

CP Rail's profit jumps 45 pct as revenue rises, costs fall

Oct 23 (Reuters) - Canadian Pacific Railway Ltd , Canada’s No. 2 rail operator, reported a 45 percent jump in third-quarter profit as freight revenue rose and operating costs fell.

Net income climbed to C$324 million ($315 million), or C$1.84 per share, from C$224 million, or C$1.30 per share, a year earlier, the company said on Wednesday.

Excluding items, the company earned C$1.88 per share.

Revenue rose 6 percent to C$1.5 billion.

The company said its operating ratio, the percentage of revenue needed to maintain operations and a key barometer of efficiency in the railroad industry, improved to 65.9 percent, from 74.1 percent a year earlier.

CP said Chief Financial Officer Brian Grassby will be retiring.

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