Posted AT 9:56 AM EST on 22/07/08
CPR profit slides 40 per cent
Higher fuel prices, a weak economy and flood damage to its U.S. mainline drove quarterly profit at Canadian Pacific Railway Ltd. 40 per cent lower.
“Combined, these had a significant impact on CP's earnings,” Chief Executive Officer Fred Green stated. “We see the current economic conditions continuing, and CP is taking aggressive steps which should position us well for 2009. I have accelerated a rigorous process to improve our productivity, efficiency, and yield.
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