Canada Post recorded a pre-tax loss of $290 million in the third quarter of 2023, $63 million more than the same time last year.

Its quarterly revenue fell by $44 million, or 2.7%, compared to the same period in 2022.

The state-owned company explains in particular that its revenues have fallen in the Parcels and Transaction Mail business sectors.

Operating expenses increased by $26 million, or 1.4%, compared to the same period a year ago.

Parcel business segment revenues remained relatively stable in the third quarter, falling $3 million or 0.3%; volumes increased by seven million items, or 12.1%, compared to the corresponding period in 2022.

The growth of the e-commerce market, improved service performance and competitive offers such as carbon-neutral delivery have contributed to the increase in volume, it was explained in a press release.

Quarterly revenues in the Direct Marketing business area increased by 7 million, or 3.3%; volumes increased by 43 million items, or 4.9%, compared to last year.