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Company News

CP Rail's profit more than doubles on income tax gain

Jan 18 (Reuters) - Railroad operator Canadian Pacific Railway Ltd’s quarterly profit more than doubled, helped by an income tax gain of C$527 million ($424 million) due to the new U.S. tax code.

CP’s net income rose to C$984 million, or C$6.77 per share, in the fourth quarter ended Dec. 31, from C$384 million, or C$2.61 per share, a year earlier.

The Calgary-based company’s total revenue rose to C$1.71 billion from C$1.64 billion. ($1 = C$1.24) (Reporting by John Benny in Bengaluru; Editing by Maju Samuel)

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