Canada Post reports $748-million pre-tax loss for 2023, warns of worse ahead
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Hey there, time traveller!
This article was published 03/05/2024 (549 days ago), so information in it may no longer be current.
OTTAWA – Canada Post says it lost $748 million before tax last year as it warned larger, unsustainable losses are likely ahead without changes to its business model.
The Crown corporation says it’s struggling amid intense competition in parcel delivery services that has led to its market share eroding from 62 per cent pre-pandemic to 29 per cent last year.
It says the rise in parcel competition comes as the postal service has also seen a declining numbers of letters, even as the number of addresses and delivery costs grow.
Chief executive Doug Ettinger says Canada Post has to adapt its business model as the postal service has seen a 60 per cent decline in letters delivered since 2006.
Last year’s loss was about 37 per cent larger than the $548 million it lost in 2022, while revenue of $6.9 billion was down 3.3 per cent from a year earlier.
The Canada Post Group of Companies reported a $529 million loss last year, as the $293 million earned by its Purolator segment somewhat offset losses at Canada Post.
This report by The Canadian Press was first published May 3, 2024.