Canadian Pacific fourth quarter down, but 2009 slightly up

CANADIAN Pacific Railway`s fourth quarter net profit fell 12 per cent year on year to C$269 million (US$251.6 million) drawn on a revenue of C$1.1 billion, but with full year earnings up C$612 million from C$607 million in 2008.
Calgary-based CP results exclude foreign exchange gains and losses on long-term debt and other specified items, but includes after tax gains of C$48 million on income tax, C$69 million on the sale of a partnership and C$68 million from the sale of its former headquarters at Windsor Station in Montreal and a land sale in western Canada.
CP president and CEO Fred Green said the company has come through an extraordinary year of economic challenges which it has met with focused productivity initiatives. "Markets remain uncertain and we will continue to drive efficiency while delivering a reliable service. We are positioned with assets and resources to respond to changes in our customers` demand," he added.
For the fourth-quarter and full year 2009, the results of the Dakota, Minnesota & Eastern Railroad (DM&E) were fully consolidated into CP`s results.
CP plans to spend C$680 million to C$730 million on capital programmes in 2010. These planned capital investments include C$585 million for the renewal of track infrastructure.