The Canada Post Group of Companies is reporting a third-quarter pre-tax loss of $216 million, as increased revenue from parcel shipping failed to compensate for higher pandemic-related costs and a slowdown in its Canada Post segment.
The company said Friday the result for the quarter compared with a loss before tax of $87 million in the same quarter last year.
The company’s Canada Post segment recorded a loss before tax of $265 million for its latest quarter compared with a loss before tax of $135 million in the third quarter of 2019, while its Purolator segment saw a profit before tax of $42 million, up from $41 million a year ago.
(Sponsored)
Family-owned Coke Canada Bottling investing to grow in Ottawa-Gatineau
Have you ever wondered where your favourite Coca-Cola products come from? Few people in know that over 300 popular beverages products, like Coca-Cola, Coke Zero, Fuze, Fanta, Monster Energy, A&W
Invest with confidence: Hydro Ottawa funds technical studies for business retrofits
For Ottawa businesses, the opportunity to improve building performance has never been greater. Energy retrofits can cut emissions, strengthen operations, extend the life of assets, reduce operating costs, and position
In August, Canada Post reported unprecedented growth in parcel volume and revenue during the second quarter, as the COVID-19 pandemic led more Canadians to shop online. Parcel revenue for Canada Post in the third quarter grew by 30 per cent compared with the same period last year, the postal service said Friday.
However, Canada Post’s gains in parcels revenue were offset by declines in revenue for transaction mail and direct marketing, which fell by 8.8 per cent and 24.1 per cent respectively, compared with the third quarter of 2019.
Canada Post also reported higher costs associated with the pandemic, including special leaves and additional collection, processing and delivery costs.
