Canada Post has reported a loss of $254 million in the second quarter of 2023. (Photo: CHAT News Today)

By David Opinko

Canada Post reports $254 million loss in second quarter

Aug 25, 2023 | 10:31 AM

LETHBRIDGE, AB – Canada’s national mail carrier lost more than a quarter of a billion dollars in the second quarter of 2023.

Canada Post recorded a loss of $254 million before taxes as revenues were down across all lines of its business.

Overall, revenues declined by $78 million, or six per cent, compared to the same period in 2022.

“An increasingly competitive parcel delivery market continued to impact Parcels revenue in both the first and second quarter of 2023,” Canada Post said in a media release. “ Transaction Mail volume continued to erode, while Direct Marketing revenue declined as businesses’ marketing budgets remained under pressure.”

For Canada Post’s parcels business, revenues were down by $46 million, or seven per cent, despite the number of packages being delivered increasing by two million, or 2.6 per cent.

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The Crown Corporation attributed the losses to the growing use of rate shopping platforms by customer, increased competition, and a drop in fuel shortages.

The transaction mail sector also had a sharp drop, falling by $22 million or 5.2 per cent year-over-year.

One part of the Canada Post Group of Companies did post a profit, however, as Purolator recorded a profit before taxes of $87 million . The SCI Group broke even.

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