Canadian Pacific Railway to cut 1,000 jobs as profit drops 29%

Canadian Pacific Railway plans to cut 1,000 positions this year as it adjusts to lower shipment volumes and profits.

The Calgary-based rail company says most of the cuts to unionized and management positions will result from attrition and kick in by the middle of 2016.

Since 2012, the railway has cut 6,000 to 7,000 positions, including 1,200 last year alone.

CP made the announcement on a conference call today after releasing its fourth-quarter and year-end results.

The company's numbers show CP's profits slipped 29 per cent to $319 million, or $2.08 per share, in the three months before Dec.31. Those numbers are down from $451 million, or $2.63 per share, a year earlier.

CP is in the midst of trying to merge with U.S. railway Norfolk Southern, a deal that has thus far been rebuffed by the target company's board.

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