(OTTAWA) Canada Post continued to see revenue fall in the last quarter, with losses increasing by 59%.
In a statement on Friday, the state-owned company reported a pre-tax loss of $254 million for its second quarter, compared to a $160 million loss a year earlier.
The country’s main postal operator says revenue fell by 78 million, or 6%, compared to the same period in 2022, due to declines in all business sectors.
Canada Post says an increasingly competitive market for parcel delivery continued to squeeze revenue through the first half of 2023, while transaction mail and Direct Marketing deliveries also fell amid the backdrop. limited corporate promotional budgets.
Canada Post’s operating costs increased 1.7%, or $31 million, in the quarter ended June 30 compared to the same period a year earlier, primarily due to higher non-core capital expenditures. capital in technology and operations.
Canada Post, whose last annual profit dates back to 2017, announced a transformation plan in June targeting the e-commerce market for parcel delivery, but ruling out any staff cuts.
