Canada Post is reporting losses of $541 million before taxes in its latest quarter, as the beleaguered mail service remains on track for its worst financial year yet.
The Crown corporation says its ‘unprecedented’ losses ballooned from $315 million in the same quarter a year earlier, marking the worst quarterly loss in its history.
It says parcels revenue fell by 40 per cent in the third quarter to $450 million amid a volume decline of 27 million pieces as customers flocked to competitors.
Canada Post says it lost $989 million in the first nine months of the year versus $345 million a year earlier.
It says the bulk of those losses came in the second and third quarters, claiming they reflect the impact of labour uncertainty on the business amid ongoing rotating strikes by its union.
A bargaining saga with the Canadian Union of Postal Workers, which represents some 55,000 mail carriers at Canada Post, has now stretched past the two-year mark — with the busy holiday season around the corner.
