May 18, 2022

The Queens County Citizen

Complete Canadian News World

Third Trimester | $ 264 million loss for Canada Post

Third Trimester |  $ 264 million loss for Canada Post

(Ottawa) The Canada Post reported a pre-tax loss of $ 264 million for the third quarter ended Friday, October 2, compared to $ 265 million in the same period last year. Revenues, for their part, rose 0.8% or $ 37 million to $ 1.6 billion.

Crown Corporation reported a $ 191 million pre-tax loss, including a $ 25 million improvement, along with its three subsidiaries, including Purolator.

Parcel delivery volume decreased by 20 million items or 22.1% during this period. Revenues from the parcels sector fell 31 million or 5.3%. “Global supply chain issues are beginning to affect inbound volumes, especially from China,” the Canada Post said in a statement.

Operating expenses rose 1.8% or $ 32 million to $ 1.9 billion. The Canada Post attributed the increase to higher wages and higher parcel handling and delivery costs than mail.

Postal voting at the federal level has resulted in increased revenues for the transactional mail sector. These are 21 million or 2.4%, 566 million more.

The easing of sanitary measures has resulted in a change in marketing costs sent by retailers, but supply chain disruptions have forced some customers to cancel their postal advertising campaigns, the Canada Post said. Revenues from the direct marketing sector still rose 20.3% to 229 million.

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