(Ottawa) Canada Post on Friday reported a pre-tax loss of $ 264 million in the third quarter ended Oct. 2, compared to $ 265 million in the same period last year. Revenues, for their part, were up 0.8%, or $ 37 million, to $ 1.6 billion.
Including its three subsidiaries, which includes Purolator, the Crown corporation reported a pre-tax loss of $ 191 million, an improvement of $ 25 million.
Parcel delivery volume decreased 20 million items, or 22.1%, during the period. Revenues from the Parcels sector thus fell by 31 million, or 5.3%. “Global supply chain issues have also started to impact inbound volumes, particularly those from China,” Canada Post said in a statement.
Operating expenses increased 1.8%, or $ 32 million, to $ 1.9 billion. Canada Post attributes the increase to wage increases and higher parcel handling and delivery costs than mail.
Postal voting at the federal level resulted in increased revenues for the Transactional Mail sector. These are higher by 21 million, or 2.4%, at 566 million.
The easing of sanitary measures has allowed a turnaround in marketing spend sent by retailers, but Canada Post believes that supply chain disruptions have caused some customers to cancel their postal advertising campaigns. The revenues of the Direct Marketing sector still jumped 20.3% to 229 million.