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Canadian Pacific's quarterly revenue drops 9.1 pct
October 19, 2016 / 12:51 PM / a year ago

Canadian Pacific's quarterly revenue drops 9.1 pct

Oct 19 (Reuters) - Canadian Pacific Railway Ltd , Canada’s No.2 railroad operator, reported a 9.1 percent drop in quarterly revenue on Wednesday, due mainly to a delayed grain harvest and lower crude oil volumes.

However, lower costs helped the company post a 7.4 percent rise in quarterly profit.

Revenue fell to C$1.55 billion ($1.18 billion) in the third quarter ended Sept. 30 from C$1.71 billion a year earlier.

CP’s profit rose to C$347 million, or C$2.34 per share, from C$323 million, or C$2.04 per share, in the same period last year.

The company also named interim Chief Financial Officer Nadeem Velani as permanent CFO. ($1 = 1.3085 Canadian dollars) (Reporting by John Benny in Bengaluru)

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