The second quarter that ended July 2 hurt Canada Post, which posted a pre-tax loss of $160 million.
The slowdown in online shopping and lower revenues from the Parcels and Transaction Mail sectors explain these losses.
“The Canada Post segment’s loss widened from a pre-tax loss of $151 million in the same quarter last year,” Canada Post said in a statement Friday.
Compared to the prior year, revenues fell $98 million, or 3.9%.
“For the first half of 2022, the segment recorded a pre-tax loss of $289 million, compared to $228 million for the same period a year earlier,” the statement said.
Parcels sector revenues were down $79 million, or 7.3%, compared to the same quarter last year.
“These declines are partly attributable to the gradual return to in-person shopping in 2022 and 12-month comparisons to the second quarter of 2021, when volumes were higher than normal and many stores were still closed due to of COVID-19,” he said.
Transaction Mail revenue also decreased by 2.9%, down $28 million, compared to the second quarter of 2021.