CANADIAN PACIFIC (CP) CONFIRMS EARNINGS
Canadian Pacific Ltd said fourth
quarter 1986 operating profit rose to 91.6 mln dlrs, or 30 cts
a share, from 50.7 mln dlrs, or 20 cts a share, a year ago.
    The statement confirmed released preliminary earnings
figures the company released in February.
    A 102.6 mln dlr gain on the sale of CP's Cominco Ltd
interest helped raise final 1986 fourth quarter profit to 193.8
mln dlrs or 65 cts a share.
    The company said a drop in 1986 full-year operating profit
to 150.1 mln dlrs from a restated 252.7 mln dlrs in 1985 was
due mainly to lower world oil prices.
    The company said its CP Rail division reported 1986 net
income of 119.4 mln dlrs, compared with 133.4 mln dlrs in 1985.
It said grain traffic recovered from drought-affected levels of
a year ago but was offset by weakness in other traffic areas
and increased expenses.
    It said the net loss from its Soo Line increased to 33.5
mln dlrs loss from 8.7 mln dlrs loss in 1985, mainly due to
restructuring charges.
    Canadian Pacific said favorable developments during the
year included reduced bulk shipping losses as a result of a
recovery in tanker markets and a turnaround in the forest
products sector.
 Reuter
