Canada’s two major railways reported strong profits for the second quarter after a disappointing first quarter.
Canadian National reported net income of $217 million for the three months ending June 30. That was up 74 percent over the same period last year. It included $21 million in pre-tax revenue from the sale of CN’s interest in Halterm Ltd., an intermodal container terminal at the port of Halifax.
Compared to second quarter 1996, revenue grew by 11 percent to $1.13 billion, while expenses grew by five percent to $910 million.
Grain revenue was $174 million, up 36 percent over the same time last year.
Canadian Pacific reported net income of $80.1 million, up 40 percent from the same time last year.
That includes $33 million in pre-tax revenue from the sale of Kansas City and Corn Lines, a U.S. railway. Excluding the sale, operating income before taxes was up $14 million, or 12 percent from the same period last year.
Revenue grew by eight percent to $1.01 billion and expenses grew by one percent to $824 million.
Revenue from grain was $216.2 million, up 8.7 percent over the same period last year.
