Canada Post reports Q3 losses

Canada Post recorded a pre-tax loss of $290 million in the third quarter of 2023 as revenue fell for both the parcels and transaction mail business lines. The Canada Post segment’s revenue in the third quarter declined by $44 million (2.7 per cent) compared to the same period in 2022. The pre-tax loss widened by $63 million from a loss of $227 million in the third quarter of 2022.

In the first three quarters of this year, Canada Post’s revenue fell by $154 million (3.5 per cent) compared to the same period of 2022. The segment’s pre-tax loss in the first three quarters of this year reached $651 million compared to $516 million in the same period of 2022. While parcel volumes increased, revenue in that business line continued to be met by an “increasingly competitive” delivery market, according to a statement from Canada Post. Transaction mail volumes and revenue also continued to decline while direct marketing volumes and revenue increased in the third quarter.

The cost of operations rose by $26 million (1.4 per cent) compared to the third quarter the previous year. For the first three quarters of 2023, costs increased by $23 million (0.4 per cent) compared to the same period of 2022. This quarter, lower employee benefit costs partly offset higher labour costs, non-capital investments in operations and technology plus depreciation expenses, according to the Crown corporation.

With parcels representing roughly half of Canada Post’s revenue, the company is “transforming to meet the evolving needs of customers in a competitive market while strengthening the postal service’s position as a vital economic link for all Canadians.”

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