Canada Post segment reports $70m profit before tax in Q1
Canada Post has reported a first quarter (Q1) profit before tax of $70m, which it said was “driven mostly by robust growth in its Parcels business as it delivers Canadians’ online purchases”.
In a statement issued on Friday (25 May), Canada Pot said that this compared to a profit before tax of $50m in the Q1 20917.
Parcels revenue grew by $110m or 24.6%, while volumes increased by 17m pieces or 33%. Domestic Parcels, the largest product category, continued to grow strongly, as revenue increased by $76m or 23.6% and volumes grew by six million pieces or 17.3%.
Transaction Mail revenue decreased by $46m or 4.1%, while volumes decreased by 50m pieces or 4%. For Domestic Lettermail, the largest product category, revenue decreased by $24m or 1.6% and volumes decreased by 34m pieces or 2.4%.
The Canada Post Group of Companies as a whole (which includes Purolator as well as the Canada Post segment) reported a profit before tax of $96m, compared to a profit before tax of $68m in Q1 2017.
