Canada Post lost $254 million in this year’s second quarter as the postal service saw revenue declines across all lines of business.
The Q2 loss at the Crown corporation swelled by 59% from $160 million a year earlier.
Canada Post said that its total revenue declined 6%, or $78 million, in the quarter from a year ago due to an increasingly competitive market for parcel deliveries.
Transaction mail and direct marketing products also fell in Q2 as businesses across Canada continue to cut back on advertising and promotions.
At the same time, the cost of operations at Canada Post rose by 1.7%, or $31 million, in the quarter ended June 30 compared to the same period of 2022.
The corporation said it continues to invest in new technologies and to modernize its operations.
Canada Post, which last reported a full-year profit in 2017, announced a transformation plan in June of this year that focuses on the e-commerce market for parcel deliveries.
