Canada Post Delivers Fewer Pieces of Mail in Second Quarter, Posts $10M Loss

By Friend, David | The Canadian Press, August 27, 2012 | Go to article overview

Canada Post Delivers Fewer Pieces of Mail in Second Quarter, Posts $10M Loss


Friend, David, The Canadian Press


Canada Post delivers fewer pieces of mail in Q2

--

TORONTO - Canadians mailed fewer packages through Canada Post in the second quarter, eroding results across most of the Crown corporation's operations, while its courier business Purolator got a boost partly from more orders sent by e-commerce retailers.

Noting that the "decline of mail is not something that's going to rebound," the Canada Post Group of Companies said that reality would weigh on any new labour agreement with its workers.

The company reported a loss of $10 million, or $4 million after taxes, on Monday, which marks an improvement from a loss $18 million, or $17 million after taxes, a year earlier.

But the Crown corporation says the latest quarter compares favourably largely due to a lockout last summer, which pulled down results in the comparable period last year, making the decline in the latest quarter seem less severe.

Mail volumes were down 4.4 per cent or 31 million pieces, it said.

Cost of operations rose 6.1 per cent, or $85 million, to $1.47 billion in the quarter ended June 30.

The company's Purolator courier business showed strength, with higher volumes pushing revenue to $302 million from $245 million a year earlier, particularly due to more shipments from e-commerce retailers.

Canada Post also has a roughly $4.7-billion solvency deficit in its pension plan.

The company noted that 71 per cent of its overall costs are tied to labour, which is why it believes it's important to reach a collective agreement with the union representing its employees.

"It's time for us to have some realistic discussions based on the current realities we now face," said Jon Hamilton, Canada Post's director of communications, in a phone interview. …

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