(The Canadian Press circulated the following story on January 27.)
CALGARY — Canadian Pacific Railway says its fourth-quarter profit dropped to $129 million, from $174 million a year earlier, but full-year earnings rose to $413 million.
Earnings for the quarter ended Dec. 31, 2004, amounted to 81 cents a share,. down from $1.10 per share a year earlier, the Calgary-based firm (TSX:CP) reported Thursday.
Annual earnings rose to $413 million, from $401 million in 2003.
CP Rail said it moved more freight in 2004 than in any previous year.
“Productivity increased dramatically, with revenue tonnage growing eight per cent while train miles accumulated in moving the tonnage increased by just one-quarter of that rate,” the firm said.