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CALGARY, A.B. – Canadian Pacific Railway Ltd. saw profits shoot up last quarter as crude-by-rail revenues increased and fuel costs declined.

The Calgary-based company says its net income rose 25 percent to $434 million in the quarter ended March 31, compared to $348 million in the same period in 2018.

Quarterly revenues jumped to $1.77 billion, up six percent from $1.66 billion last year.

On an adjusted basis, year-over-year diluted earnings per share rose three percent to $2.79 from $2.70, far short of analyst expectations of $3.01, according to Thomson Reuters Eikon.

Revenues for energy, chemicals and plastics jumped 18 percent to $315 million amid surging demand from Asian markets in the first quarter.

Grain revenues, which have broken company records recently, rose six percent to $380 million, and container traffic and coal nudged up three percent and four percent to $380 million and $158 million, respectively.

CP Rail’s operating ratio, a key industry metric, improved by 180 basis points to 69.3 percent.

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