Canada Post reports $315M Q3 loss before tax compared with $290M loss a year earlier

By The Canadian Press on November 22, 2024.

Canada Post says it lost $315 million before tax in the third quarter compared with a loss before tax of $290 million a year earlier.Canada Post signage is seen during a national strike action in Ottawa, on Monday, Nov. 18, 2024. THE CANADIAN PRESS/Spencer Colby

OTTAWA – Canada Post says it lost $315 million before tax in the third quarter compared with a loss before tax of $290 million a year earlier.

The corporation says revenue growth in its direct marketing did not make up for a drop in its parcels results.

The financial results come as Canada Post deals with a shutdown of its operations due to a strike by about 55,000 workers across the country.

The two sides have been negotiating over wages, job security, working conditions and other issues.

The Canada Post Group of Companies, which includes its Purolator Holdings Ltd. subsidiary, lost $252 million before tax in the third quarter, compared with a loss before tax of $217 million in the same period a year earlier.

Purolator earned a $62-million profit before tax in the quarter, compared with a profit before tax of $68 million in the same period of 2023.

This report by The Canadian Press was first published Nov. 22, 2024.