Canada Post sees $277M quarterly loss after finalizing new union contract
Canada Post on Friday reported a loss before tax of $277 million in the three-month period from April through June as the postal workers union signed a multi-year deal.
Canada Post announced a $277 million second-quarter loss on Friday, following the ratification of a new multi-year union contract. The loss, before tax, surpassed the $205 million deficit reported in the previous quarter and marked a significant improvement from the $407 million loss during the same period last year. The new collective agreement, ratified by the Canadian Union of Postal Workers (CUPW) in June, is set to last until January 31, 2029.
Despite labour disruptions and schedule changes over two years, the company saw a 20.7% increase in parcel revenues. Canada Post aims to rebuild customer trust, enhance service reliability, and boost parcel volumes. The corporation will also transition to community mailboxes over five years, close unnecessary post offices, and protect mail services in rural, remote, and Indigenous communities.
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