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Canada Post reports second-quarter loss of $378 million due to COVID-19
BY , Aug 21, 2020 7:28 PM - REPORT AN ERROR
The Canada Post logo is seen on the outside the company's Pacific Processing Centre, in Richmond, B.C., Thursday, June 1, 2017. THE CANADIAN PRESS/Darryl Dyck
Canada Post is reporting a second quarter pre-tax loss of $378 million, a figure the service says was largely driven by the COVID-19 pandemic.
The Crown corporation says it saw an unprecedented growth in parcel volume and revenue from Canadians shopping online while staying at home, delivering as much early in the second quarter as the postal service does during the peak Christmas season.
But mail and direct marketing revenues dropped faster with businesses mailing and advertising less than they did pre-pandemic.
Traditional mail revenue dropped by 15.4 per cent compared to the same period in 2019, while year-over-year direct marketing revenue fell by 46.4 per cent in the second quarter.
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