Canada Post reports $265-million loss in third quarter
OTTAWA, ON – Canada Post recorded a loss before tax of $265 million in the third quarter of 2020.
Transaction mail and direct marketing revenue and higher costs had a major impact on earnings.
Parcels revenue, however, continued to grow in the quarter, but it was not enough to even out the balance.
With Canadians shopping online more during COVID-19, the Parcels grew significantly in the third quarter but, the postal service gave significantly higher costs related to providing an essential service during the pandemic.