Canadian Pacific Cautiously Optimistic as Profits Ride

29 April 2010 (Last Updated April 29th, 2010 18:30)

Rail operator Canada Pacific Railway (CPR) has seen a 5% bump in its share price following reports of a 74% quarterly jump in profits. CPR's earnings went up from C$57.3m ($56.9m), or C$0.36 per share, to C$99.8m ($98.4m), or C$0.59 per share. This boost has been put down to a

Rail operator Canada Pacific Railway (CPR) has seen a 5% bump in its share price following reports of a 74% quarterly jump in profits.

CPR's earnings went up from C$57.3m ($56.9m), or C$0.36 per share, to C$99.8m ($98.4m), or C$0.59 per share.

This boost has been put down to an improving economy, cost-cutting measures and an increase in freight traffic.

CPR chief executive Fred Green told Reuters he was delighted at the speed of the recovery but was cautious about predicting the future.

Following this announcement by CPR, its shares on the Toronto Stock Exchange rose C$2.88 to C$61 ($60.6) per share.