Canada Post segment reports $62m Q3 loss
The Canada Post segment lost $62m before tax in the third quarter (Q3).Q3 is, however, traditionally the postal service’s slowest period of the year – and the figure is broadly inline with the $60m before tax loss reported for Q3 2016.
For the year-to-date, the Canada Post segment is reporting a profit of $13m before tax, compared to a loss before tax of $15 million for the same period in 2016.
Parcels revenue increased by $129m or 38.9% in Q3, while volumes increased by 16 million pieces or 43.5%.
The Canada Post Group of Companies – which includes Purolator Holdings Ltd., SCI Group Inc. and Innovapost Inc as well as the Canada Post segment – reported a loss before tax of $25m for Q3 2017, consistent with the third quarter of 2016. For the first three quarters of 2017, the Group of Companies recorded a profit before tax of $111m, an increase of $92m compared to the same period in 2016