CP Ships reported an 85-percent drop in first-quarter net income, to C$6
million ($4 million), from C$37 million in the year-earlier quarter.
Operating income dropped to C$7 million ($5 million), from C$41 million.
CP Ships reported a loss on its 50-percent share of the Americana Ships
joint venture with Transportacion Maritima Mexicana.
The Canadian-owned shipping group also blamed lower freight rates in the
transatlantic trade for its lower profit results.
Revenue rose 11 percent, to C$667 million ($433 million), as CP Ships
container carryings also increased by 11 percent, to 303,000 TEUs.
CP Ships said that Americana Ships would improve its results as the year
progresses.
AMERICANA LOSS CUTS CP SHIPS PROFIT
AMERICANA LOSS CUTS CP SHIPS PROFIT
