Canada Post is reporting a second-quarter pre-tax loss of $378 million, a figure the administration says was to a great extent driven by the COVID-19 pandemic.
The Crown corporation says it saw remarkable growth in parcel volume and income from Canadians shopping online while remaining at home, delivering as much early in the second quarter as the postal service does during the peak Christmas season.
However, mail and direct marketing incomes dropped quicker with businesses mailing and advertising less than they did pre-pandemic.
Traditional mail revenu dropped by 15.4 per cent contrasted with a similar period in 2019, while year-over-year direct marketing income fell by 46.4 per cent in the second quarter.
Canada Post gauges COVID-19 prompted an income deficiency of $46 million, and expanded expenses by $118 million.
The postal help has now recorded a preceding duty loss of $444 million through the main portion of 2020, contrasted with lost $27 million during a similar period a year ago.
Photo credit: RYAN REMIORZ/THE CANADIAN PRESS