CP Railway's profit dips 19 percent as expenses rise

(Reuters) - Canadian Pacific Railway (CP.TO) reported a 19.3 percent fall in quarterly profit on Wednesday, as the railroad operator’s expenses surged.

CP’s net income fell to C$348 million ($275.8 million) or C$2.41 per share in the first quarter ended March 31, from C$431 million or C$2.93 per share a year earlier.

The Calgary-based company’s revenue climbed to C$1.66 billion from C$1.60 billion.