Canada Post Group of Companies reports $216-million pre-tax Q3 loss

The company said Friday the result for the quarter compared with a loss before tax of $87 million in the same quarter last year.

The company's Canada Post segment recorded a loss before tax of $265 million for its latest quarter compared with a loss before tax of $135 million in the third quarter of 2019, while its Purolator segment saw a profit before tax of $42 million, up from $41 million a year ago. In August, Canada Post reported unprecedented growth in parcel volume and revenue during the second quarter, as the COVID-19 pandemic led more Canadians to shop online. Parcel revenue for Canada Post in the third quarter grew by 30 per cent compared with the same period last year, the postal service said Friday.

However, Canada Post's gains in parcels revenue were offset by declines in revenue for transaction mail and direct marketing, which fell by 8.8 per cent and 24.1 per cent respectively, compared with the third quarter of 2019. Canada Post also reported higher costs associated with the pandemic, including special leaves and additional collection, processing and delivery costs.

How is that possible with all the online shopping. Governments can’t run shit.

Hire some qualified business people to run it without govt. bloat and see if it flies. JustinTrudeau erinotoole theJagmeetSingh

This is what happens when you ship Amazon packages below cost brianlilley

1. CPC mandate is to deliver parcels to every address in CA regardless of cost. 2. Competitors only deliver to hi pop areas. For parcels to far north, competitors use CPC (at CPC loss). 3. Hardly fair criticism. 4. Regular parcel service still cheapest ship option.

If they can’t make money when parcel deliveries are up 30% I think we can call it hopeless

In a time when people are shipping more than ever. What a farce. Get rid of it.

Ridiculous waste of money. Get ride of Canada Post and the CBC and u will save billions

Can’t expect Canada Post to be financially viable at a time when people are actually locked in their homes and depend on delivery services even for basic necessities and oh FFS privatize the damned thing and put it out of our misery.

Wow

Shut it down.

If Canada post would ship express like they said they do I wouldn’t have any problem using them but last time I ship something express it took almost 3 weeks for the item to get there and it was just being shipped across Canada 🇨🇦

They have shown how unreliable they are, other companies are now able to do it better, no surprise really.

Gee could it have anything to do with having the worst delivery service in the country with the largest collection of overpaid incompetent employee's in the country?

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canada battling pharmaceutical companies over new pricing rules, patients caught in the middleCanada wants to prevent medicines from being 'excessively priced,' making pharma companies question implementation of life-saving drugs here.
Source: GlobalNational - 🏆 81. / 51 Read more »

Canada among targets in Russian hack on U.S., private companies, Microsoft saysThe U.S. government’s CISA said the hacking operation, which is believed to have started in March, breached U.S. federal agencies and ‘critical infrastructure’ in an attack that was hard to detect and will be difficult to undo
Source: globeandmail - 🏆 5. / 92 Read more »

Several Vancouver-based companies among best workplaces in Canada, says GlassdoorThe best places to work commonly share several traits. They include mission\u002Ddriven cultures and transparent senior leadership.
Source: VancouverSun - 🏆 49. / 61 Read more »