(CHAT News Today)

By David Opinko

Canada Post lost $779 million in 2020

Apr 30, 2021 | 1:39 PM

LETHBRIDGE, AB – 2020 was a record year for Canada Post – for better and for worse.

Overall, Canada Post reported a financial loss before taxes of $779 million, most of which they attribute to the COVID-19 pandemic.

The mail service saw record growth in terms of parcels being delivered, mainly due to more Canadians shopping online.

Compared to 2019, they saw an increase of 70 million domestic parcels, or 30.9 per cent.

Canada Post went 181 consecutive delivery days where at least one million packages were sent out.

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2.4 million parcels were delivered on December 21, which is the best single day for the crown corporation ever.

Despite these successes, Canada Post struggled to balance its books in 2020.

They spent an estimated $292 million on COVID-19-related costs.

Some of these include paying for special leaves for higher-risk employees and redesigning workspaces for physical distancing.

There was a $230 million decline in transaction mail, which is mostly letters, bills, and statements, as Canadians increasingly handle this work online.

Customers also delayed or cancelled many marketing campaigns during the pandemic, resulting in $257 million less money coming in compared to 2019.

In the entire Canada Post Group of Companies, Purolator was the only one to turn a profit in 2020, reporting $176 million in profit.