Canada Post says it lost $315M pre-tax in 3rd quarter
Earnings come amid strike by about 55,000 postal workers across the country
Canada Post reported a pre-tax loss of $315 million in the third quarter, compared to a $290 million loss in the same period last year.
The corporation attributed the decline to reduced revenue in its parcels segment, which was not offset by growth in direct marketing revenues.
These results come as Canada Post faces a nationwide strike involving approximately 55,000 workers. Negotiations are ongoing over key issues such as wages, job security, and working conditions.
The Canada Post Group of Companies, which includes subsidiary Purolator Holdings Ltd., recorded a pre-tax loss of $252 million for the quarter, up from $217 million a year earlier. Purolator, however, reported a pre-tax profit of $62 million, slightly lower than the $68 million it earned during the same period in 2023.
