Overview
- Canada Post disclosed a $205-million loss before tax for the first quarter, a result published Friday that reflected a 14.3% year-over-year fall in revenues.
- Parcel volumes fell by about seven million items, a roughly 17% drop that cut parcel revenue by $79 million and helped drive the quarterly shortfall.
- The company said customer uncertainty over collective agreements with the Canadian Union of Postal Workers contributed to lost business while a ratification vote by roughly 55,000 members wrapped up on Saturday with results expected on Monday.
- Ottawa approved up to $673 million earlier this month to keep the service running this fiscal year as Canada Post starts converting door-to-door addresses to community mailboxes and plans some post-office closures.
- The changes could shift how Canadians get mail and parcels, with more reliance on community boxes and private carriers and potential pressure to reduce the workforce to bring labour costs in line with lower volumes.