January 23, 2018 / 9:09 PM / a year ago

CN Rail's profit more than doubles on tax gain

Jan 23 (Reuters) - Canadian National Railway Co said on Tuesday that its fourth-quarter profit more than doubled on Tuesday, helped by an income tax gain due to the new U.S. tax code.

Canada’s largest railroad’s net income surged to C$2.61 billion ($2.10 billion), or $C3.48 per share, from C$1.02 billion, or C$1.32 per share, a year earlier.

The company recorded an income tax gain of C$1.76 billion for the latest period.

Montreal-based CN’s total revenue rose to C$3.29 billion in the three months ended Dec. 31, from C$3.22 billion a year earlier. ($1 = C$1.24) (Reporting by John Benny in Bengaluru; Editing by Savio D’Souza)

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