Canada Post on Friday reported a loss before tax of $277 million in the three-month period from April through June as the union representing roughly 55,000 postal workers ratified a new multi-year deal that ended years of labour uncertainty.
That second quarter loss was up from a $205 million loss in the first quarter of the year, and down from a $407 million loss reported in the same period a year ago, when the company said in a statement that it “was facing a prolonged period of labour uncertainty in negotiations with the Canadian Union of Postal Workers (CUPW).”
During the first quarter of the year, the union was voting on whether to ratify a tentative deal, and the Crown corporation said Friday in a statement that it saw “an early-stage recovery” after solidifying the deal with the union in June, which helped boost customer confidence overall.
Canada Post says its revenue grew $22 million in the second quarter, or 1.5 per cent, compared to a year earlier, with a 20.7 per cent spike in parcel revenues.
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In June, the CUPW ratified a new collective agreement that remains in place until Jan. 31, 2029. This was after multiple labour disruptions over the course of nearly two years as the two sides struggled to agree on terms of a new agreement, which also led to compounding revenue losses for Canada Post.
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The off-and-on strike action and schedule changes, as well as a general sense of uncertainty amid the negotiations, impacted millions of Canadians and businesses that relied on Canada Post to deliver mail and parcels — especially during the busy holiday seasons.
“The company remains focused on rebuilding customer trust, improving service reliability and growing parcel volumes,” said Canada Post in the statement.
“Canada Post will continue to strengthen its long-term financial sustainability while providing service to Canadians and businesses in all corners of the country.”
Canada Post is undergoing a transition to community mailboxes, which it says will take five years and include multiple phases across the country.
It has also moved to shrink its executive workforce and close some post offices in communities once considered rural, but have since grown to become suburban or urban and are no longer necessary.
The government and the company have said mail services in rural, remote and Indigenous communities will be protected, and that door-to-door delivery can be requested by Canadians with mobility issues or disabilities.
– with files from Global News’ Sean Boynton
Mail at home delivery should be once a week if not once a month.
Huge losses are unacceptable.
Really sad.
Canada Post provides a service – and, like many other serice-based industries, is not a money-maker. Police and Fire departments don’t provide revenue, but they are essential service. So is Canada Post.
Re: Canada Post-CPU agreement
Quoting CP as “seeing a $277M quarterly loss after finalizing new union contract” is lop-sided reporting. The loss covered a three-month period BEFORE THE CONTRACT WAS SIGHNED, It had nothinng to do with the contract or the new terms.
Will Global be reporting on the contract that Canada Post just settled with Supervisors and Superintendents? You know, the ones that got over $30 million in bonuses last year? Will their raises and bonuses be newsworthy?
Huge $ losses each year.
Why does (it seems to me) that each postie has a vehicle? I can remember (years ago), the I used to ride public transit to school, along with the posties each weekday morning. The costs to buy and maintain these vehicles must be huge. Why does the post office management get bonuses when they run such a poor business.
Something to consider.
Discontinue Canada Post all together and sell to a Private Company! Or maybe have individual Province run system…..,they need to try different avenues instead of continuing financial losses the Federal Government and Tax Payer Funds must bale out!!
Bonuses all around! Cheers!
Privatize that white elephant! If their executives can get huge taxpayer funded bonuses, it’s time to pull the plug!
Disgraceful!!
As a retired CPC employee and CUPW member, I would have to say that during my years there that CPC has always been the best at fudging the numbers .
They cry broke but can still afford millions to pay bonuses to management !
Sean Webb – talk about an ignorant and useless comment. Let’s have a government industry that loses billions each year where workers and bosses get bonuses. Obviously you’re a union shill. Really?
OMG get rid of this failed company that is sucking up the tax dollars
Get rid of the money sucking operation l
Investigate exactly every loan dollar being spent on what or whom. Lets start with those fancy community mail boxes. Yes they turned away a canadian firm to manufacture for an American firm. The then cost was reported as 3,000 dollars each. Has canada post been contributing to its pension fund requirement. Alot of answers are required here , full transparency.
How much do we lose for paying for fire trucks and services. We don’t. It’s a service. Just like Canada post.
Government + Union efficiency
Unions will price themselves out of a job ! Plus ruin it for the rest of us!
We would be better off paying for the Internet needed to serve our northern communities.
It is ridiculous to lose this money ever quarter in every year.
It is 1000% irrational, unprofessional, and pathetic.
That’s how much blood in ml the workforce should donate…or…better still…fire every single leader and do not let them be rehired by government.
There are so many ways to improve CP if you just remove Government and Union from the final decision.
This should be in receivership..
Let’s be blunt and honest, rather than a lying liberal.
This is defining how bad the Liberal government has been for over a decade and counting and figurative heads should roll.
Enough is enough time to put out that fire 🧯🧯🧯🧯🧯🧯🧯
Les is definitely less.
Canada Post serves a valuable service. Like many banks and private transit systems the postal service helps make many communities viable. Including those where the private sector can’t build a viable for profit business. Make no mistake about it, public infrastructure makes private enterprise work. It’s not the opposite. Private courier companies don’t service many remote areas. And these areas often serve vital functions. Plus Purolator and others will consolidate ownership operations and systems while diminishing their services and increasing prices.
Let’s not follow the example of our neighbours to the south and make policy based on the ignorance of the most idiotic and least informed.
Yeah, we need to change what Canada Post is and how it operates. But abolishing and wishing its staff to be unemployed is not smart. It is just mean spirited and vindictive. Let’s hope that Les doesn’t work in a sector that is vulnerable.
I wouldn’t trust them to deliver a post card, let alone a parcel. Time for mass layoffs and fold them into Purolator. Tax payers deserve better.
I bet you all of the executives are either based in Montreal or Toronto. We won’t be seeing them refusing Bonuses this year!
So 482 million lost in 6 months. Comparable to most all other government ran entities