CN Rail net profit falls, revenue dips
Canadian National Railway Co. expects that its business has hit bottomand volumes should pick up steam in the second half of the year as theNorth American economy continues to recover.
Canadian National Railway Co. expects that its business has hit bottom and volumes should pick up steam in the second half of the year as the North American economy continues to recover.
“Hopefully, we will start to see a gradual recovery in the coming quarters shaping up,” said executive vice-president Claude Mongeau, who takes over as chief executive from E. Hunter Harrison at the end of the year.
The former chief financial officer said the railway turned in very good results in the quarter despite a very challenging economic environment. Canada’s largest railway operation said a weakened North American economy and global slowdown caused its second-quarter profits to drop nearly 14 per cent as revenues fell to $1.78 billion from $2.1 billion a year ago.