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Company News

CN Rail profit drops 16 pct on higher operating expenses

April 23 (Reuters) - Canadian National Railway Co reported a 16.2 percent drop in first-quarter profit on Monday, hurt by higher operating expenses.

The Montreal-based company’s net income fell to C$741 million ($576.83 million), or C$1 per share, in the quarter ended March 31, from C$884 million, C$1.16 per share, a year earlier.

Revenue, which dropped for the first time in four quarters, was down at C$3.19 billion compared with C$3.21 billion a year earlier. ($1 = 1.2846 Canadian dollars) (Reporting by Anirban Paul in Bengaluru; Editing by Arun Koyyur)

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