Canada Post reduces its losses
The rise of e-commerce does not necessarily result in a business boom for national post carriers. For instance, national carrier Canada Post reported a loss before tax of CAD 264 million (USD 207 million) in Q3/2021, a slight improvement compared to the same period last year.
While the first half of 2021 showed strong revenue growth from all lines of business, it slowed slightly in the third quarter as consumers returned to shopping in stores. Revenue gains in mail and direct marketing partially offset a decline in parcels revenue for the quarter.
For the first three quarters of the year, Canada Post recorded a loss before tax of CAD 492 million (USD 386 million), an improvement of CAD 217 million (USD 170 million) or 30.5% from the same period in 2020. (sh)