Vol. 18 No. 6  June, 1988 Make Tomorrow Happen First Quarter Net Income Strong Canadian Pacific Air Lines Bristol 175 Britannia. Montreal - 4 May 1988 Canadian Pacific Limited reported consolidated net income for the first quarter of 1988 of $183.9 million, or 61 cents per ordinary share, up from income of $125.4 million, or 42 cents per share during the same period a year ago.   AIRLINE SALE   In the first quarter last year there were extraordinary gains totalling $193.3 million from the sale of Canadian Pacific Air Lines Limited and a CP Ships office building.   Consolidated revenues were $2.959 billion in the first quarter of 1988, compared with $2.911 billion for the first quarter of 1987.   Forest products and transportation accounted for the lion's share of earnings improvements in the first quarter this year, but there were also increases from real estate, hotels, and the Algoma Steel Corporation Limited.   CP Rail's income was $8.4 million more than in the first quarter of 1987.   The improvement stemmed chiefly from a three percent increase in freight volume, with major increases in coal, fertilizer, sulphur, and containers. Grain volume declined slightly from the exceptionally strong levels a year ago.   DEVELOPMENTS   The Soo Line Corporation, 55.8 percent owned by Canadian Pacific, showed a $3.4 million profit for the first quarter, compared with a $1.5 million loss during the first quarter of 1987.   Significant developments in the Canadian Pacific group this year included: Completion of the acquisition of the nine-property CN Hotel chain for $260 million; The merger of CIP and Great Lakes Forest Products. The merger was approved by Great Lakes' shareholders at a meeting 2 Jun 1988; Agreement by Canadian Pacific (Bermuda) Limited to sell 19 of its vessels for approximately $185 million. CP (Bermuda) retains ownership of six specialty tankers; Canadian Pacific will purchase 22,500,000 of MGD Holdings Inc.'s Class "A" shares of Laidlaw Transportation Limited for $22.19 per share, it was announced 11 May 1988. The Laidlaw shares being purchased by Canadian Pacific constitute 47.2 percent of Laidlaw's Class "A" voting shares.   The transaction is subject to regulatory approvals and is expected to close during June.     Canadian Pacific Air Lines Bristol 175 Britannia.   This Canadian Pacific Railway News article is copyright 1988 by the Canadian Pacific Railway and is reprinted here with their permission. All photographs, logos, and trademarks are the property of the Canadian Pacific Railway Company.