SASKATOON – CN Rail has reported its best financial results in six years, posting a 1994 profit of $245 million.
That compares with net losses of $79 million in 1993 and more than $1 billion in 1992.
Canadian rail operations generated income of $274 million on revenues of $3.7 billion. The previous year the company suffered a loss of $57 million on revenues of $3.4 billion.
No detailed breakdown by region or commodity was available last week.
On its U.S. rail operations, the railway suffered a net loss of $3 million on total revenue of $536 million. A year earlier the loss was $18 million on revenue of $481 million.
CN president and chief executive officer Paul Tellier attributed the positive results to the general improvement in the North American economy and CN’s efforts to reduce operating costs.
He said in a press release the company’s renewed profitability and productivity could mark “a new beginning for CN in 1995.”
Among the company’s non-rail businesses, CN Real Estate had a profit of $20 million, CN Tower a profit of $5 million, AMF Technotransport a loss of $36 million and Canada International a loss of $3 million.
