Canada Post recorded a loss before tax of $265 million in the third quarter of 2020, as declines in Transaction Mail and Direct Marketing revenue and higher costs had a significant impact on earnings. Parcels revenue continued to grow in the quarter, but it was not enough to offset these contributing factors.
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Canada Post recorded a loss before tax of $378 million in the second quarter of 2020. This increased loss was largely due to the significant impact COVID-19 had on revenue and costs, combined with the added costs stemming from the June 2020 arbitrator’s ruling.
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Canada Post has agreed to study how it could offer postal banking, including through setting up pilot projects at certain locations, as part of a new collaboration with a union representing rural postal workers, reports Canada’s National Observer.
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Canada Post has reported significant losses in 2019 as its Parcels business grew at a slower pace in 2019 as the competition in e-commerce delivery intensified.
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As the public turns to e-commerce during lockdown, Canada Post is advising customers across the country to expect delays with their parcel deliveries.
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