CNR has prof­its of $886M in Q2

The Guardian (Charlottetown) - - BUSINESS -

MON­TREAL - Cana­dian Na­tional Rail­way has re­ported prof­its of $886 mil­lion in the sec­ond quar­ter, an in­crease of 4.6 per cent com­pared to the same pe­riod last year. The Mon­treal-based com­pany saw those prof­its de­spite flat rev­enue of $3.125 bil­lion, a three per cent de­crease in car load­ings and a seven per cent de­cline in rev­enue ton-miles. Rev­enue ton­miles mea­sure the amount of freight shipped. The com­pany said weak­ness in coal, grain and crude mar­kets are im­pact­ing vol­umes, but prospects are look­ing bet­ter in in­ter­na­tional mar­kets and non-energy re­lated freight. Com­pany CEO Claude Mongeau cred­ited the com­pany's drive to ef­fi­ciency for achiev­ing the sec­ond-quar­ter re­sults. “I'm proud of our very solid sec­ond-quar­ter re­sults, driven by the team's swift ac­tion to re­cal­i­brate re­sources and dou­ble-down on ef­fi­ciency,” Mongeau said in a state­ment. He said CN has been re­duc­ing the num­ber of rail­cars in use and cut­ting staffing costs. The com­pany said it laid off 600 em­ploy­ees, in­sti­tuted a hir­ing freeze and is work­ing to re­duce overtime.

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