It was found that Canada Post suffered a large loss in the third quarter last quarter due to intensifying competition in the courier industry.
“Canada Post’s loss last quarter amounted to $290 million,” the Post Office said in its third quarter accounting report.
During the same period last year, the Post Office’s loss was $227 million, but this year it increased by $63 million. The Post Office attributed this increase in quarterly losses to increased competition in the courier market, which resulted in decreased delivery volumes and profits, while increased marketing costs.
In addition, operating expenses, including employee wages, increased by $26 million in the third quarter compared to the same period last year, leading to an increase in deficit.
Meanwhile, the post office is known to operate with its own service and sales costs, not residents’ taxes.