July 30, 2009 8:40 AM, EDT

Canadian Pacific 2Q Income Grows on One-Time Charge

Canadian freight railroad Canadian Pacific’s second-quarter net income grew to C$157.3 ($145 million), or 93 Canadian cents a share, from $154.7 million ($142 million), or C$1 a share, a year ago.

The gain was due to CP selling its interest in the Detroit River Tunnel Partnership for C$69 million, CP said in a statement Thursday.

Without accounting for this one-time gain, income fell to C$100 million ($91.9 million), or 59 Canadian cents a share, from C$150 ($138.2 million), or 97 Canadian cents, a year ago.

Freight revenue fell 18.5% to C$972.5 million.