WCTC DOUBLES 2ND-QUARTER NET INCOME

WCTC DOUBLES 2ND-QUARTER NET INCOME    Wisconsin Central Transportation Corp. said its second quarter net income doubled to $15.5 million, from $7.8 million in the year-earlier period.
   The net result included a $600,000 after-tax restructuring related to one of WCTC's international operations. Those affiliates, which include English Welsh & Scottish Railway and Tranz Rail Holdings Ltd., provided $2.7 million in net income compared to a $3.4-million loss for the year-earlier period.
   Operating income for the most recent quarter was record $93.7 million, slightly ahead of last year's $93.0 million. A favorable shift in commodity mix and growth in haulage business helped offset a drop in car loadings, the Rosemont, Ill.-based company said. Operating expenses improved to $67.8 million from $68.8 million due largely to a $1.2-million reduction in materials costs. The railroad's operating ratio improved 1.5 percentage points to 72.4 percent.
   For the first six months of 2001, WCTC reported net income of $27.1 million, compared with $20.4 million in the year-earlier period.
Operating income was up $300,000 to $42.6 million, while the operating ratio remained 77.1 percent.
   Canadian National Railway Co. has proposed acquiring WCTC for $800 million, or $17.15 a share cash, plus assuming $00 million in Wisconsin Central's debt. The acquisition was cleared by Canada's Competition Bureau during the second quarter and is awaiting approval by the U.s. Surface Transportation Board. The STB said it expected to decide on the proposed merger by Sept. 7.