Canada Post loses more than $250 million in second quarter
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Hey there, time traveller!
This article was published 25/08/2023 (1114 days ago), so information in it may no longer be current.
OTTAWA – Canada Post continued to bleed cash last quarter, as losses ballooned by 59 per cent.
In a release Friday, the Crown corporation reported a before-tax loss of $254 million for its second quarter versus $160 million in losses a year earlier.
The country’s main postal operator says revenue dropped by $78 million, or six per cent, year-over-year due to declines across all lines of business.
Canada Post says an increasingly competitive market for parcel delivery continued to dent revenues throughout the first half of 2023, while transaction mail and direct marketing deliveries also fell amid businesses’ strained promotional budgets.
The cost of operations at Canada Post rose by 1.7 per cent, or $31 million, in the quarter ended June 30 compared to the same period a year earlier, due mainly to higher non-capital investments in technology and operations.
Canada Post, which last reported a full-year profit in 2017, announced a transformation plan in June that targeted the e-commerce market for parcel delivery but ruled out staffing cuts.
This report by The Canadian Press was first published Aug. 25, 2023.