Canadian Pacific Railway profit rises on gains

CALGARY, Alberta (AP) - Canadian Pacific Railway Ltd. says its profit rose 14.5 percent in the third quarter as gains on asset sales more than offset the impact of a steep drop in revenue.

The railway's revenue from operations fell 20 percent as most of its freight segments showed the effect of a slow economy.

Canadian Pacific said Tuesday its profit rose to 195.4 million Canadian dollars (US$183.2 million) in the July-September quarter. That's up from 170.7 million Canadian dollars a year ago.

The latest earnings results include 68 million Canadian dollars (US$64 million) from the sale of two properties.

It says revenue fell to 1.06 billion Canadian dollars (US$99 billion) from 1.34 billion Canadian dollars a year ago.