Company News

Canadian Pacific Railway reports higher quarterly adjusted profit

Jan 23 (Reuters) - Canadian Pacific Railway Ltd reported a 38 percent rise in quarterly adjusted profit on Wednesday, as the country’s second-largest railroad operator shipped higher volumes of potash, energy, chemicals and plastics.

Adjusted income rose to C$648 million ($485.76 million), or C$4.55 per share, in the fourth quarter ended Dec. 31, from C$469 million, or C$3.22 per share, a year earlier.

The Calgary-based company’s revenue rose to C$2.01 billion from C$1.71 billion.

The company recorded an income-tax gain of C$527 million related to the U.S. tax overhaul in the year-ago quarter. ($1 = 1.3340 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru)