Despite record domestic parcel growth, Canada Post cited “significant mail declines and high COVID-19 related costs” as the reasons behind last year’s $779 million before-tax loss.
In last year’s third quarter, the postal service had reported a year-to-date $709 million loss. Now, in its 2020 financial report, Canada Post is reporting a nearly $780 million overall loss for last year – a fivefold increase from 2019’s $153 million loss. Although parcels revenue grew by 25 per cent compared to 2019, direct marketing – once a mainstay of Canada Post’s bottom line – followed a similar trajectory to transaction mail, mostly comprised of letters, bills and statements.
