Canada Post posts a pre-tax loss of $76 million for the first quarter of this 2024 fiscal year – a loss mitigated by dividends received from the sale of the SCI Group.
Without these dividends, the pre-tax loss would have reached 224 million for the quarter, the company said on Friday. For the first quarter of 2023, the pre-tax loss had reached 107 million.
Generally speaking, revenues from the parcel sector are declining, affected by the intense competition in this area of activity. The same goes for transactional mail revenues.
For the parcel sector, for this first quarter of 2024, revenues decreased by 59 million, or 5.4%, and volumes decreased by 2 million items, or 1.1%, compared to the corresponding period of 2023.
Likewise, for this first quarter, transactional mail revenues saw a decrease of 20 million, or 1.3%, while volumes decreased by 16 million items, or 1.1%, compared to the same period the previous year.
The direct marketing sector, however, did better, thanks to new contracts and higher sales.
Thus, for this quarter, revenues from the direct marketing sector increased by 23 million, or 12.2%.
Last January, Canada Post and Purolator announced that they were selling all of their shares in Innovaposte and the SCI Group.