Canada Post posted a second-quarter pre-tax loss of $378 million on Friday as the COVID-19 pandemic weighed on its operations and a labor arbitration tribunal decision pushed up its costs.

Canada Post / Credit: DARREN CALABRESE, ARCHIVES LA PRESSE CANADIENNE

Canada Post’s loss for the quarter ended June 27 compared to a loss of $50 million for the same period last year. Revenues declined 0.7% to $1.63 billion.



The health crisis impacted the segment by $164 million. The June 11 arbitration tribunal decision paving the way for new employment contracts with the Union of Postal Workers increased costs by $114 million.

However, even without these items, Canada Post’s sector would have posted a loss, the report says.

EARLY THIS WEEK: Canada Post trending on Twitter For Late delivery And People said it’s similar to USPS

Canada Post noted that containment measures to limit the spread of the new coronavirus and business closures have resulted in “unprecedented growth in volumes and revenues” in its parcel business.

However, “as mail and advertising became scarcer,” the decline in volumes and revenues from transaction mail and direct marketing was greater than the growth in the parcel division, the corporation said.

The Canada Post Group of Companies, which includes Canada Post, Purolator, SCI and Innovapost, posted a loss of $333 million in the second quarter, compared to a profit of $11 million in the same period last year.

Source: The Canadian Press

Darrell Bowen
I am known as Darrell Bowen, I have bachelor's degree in technology at California Polytechnic State University, Since I was a Kid I always Tried to create new things or programming software with programmatic languages, that's why dedicated my life to tech and everything related with like Robots and Intelligence artificial, Devices ... I am also passionate about blogging that's why I am part of ''todaynewstalk'' family, and I will do my best to add value to Today news talk Followers.Address: 877 Kelly Street Davidson, NC 28036, United States of AmericaPhone Number:  +1 984 113 9251Email: DarrellBowen@todaynewstalk.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here