Canada Post Deep in the Red

Canada Post loss | BCBusiness
Canada Post reported a loss of $253 million on Tuesday. Last year was the first time in 17 years the Crown corporation didn’t post a profit.

For the first time in almost two decades, Canada Post reported a pretax loss of $253 million for 2011.

A combination of last year’s labour disruption, compounding pension demands and fewer “cheques in the mail” put Canada Post in the red for the first time in almost 20 years.
 
The Crown corporation reported a $253-million loss for 2011 on Tuesday. The numbers put Canada Post in the red for the first time in 17 years.
 
Canada Post blames the poor numbers on a combination of factors, including last summer’s strikes and lockout that shut down the postal service for 25 days. In addition to its labour woes, Canada Post has recorded steadily dwindling mail volume – down 20 per cent over the last five years alone.
 
Just a year earlier in 2010, the Crown corp. posted profits of $134 million. But as more Canadians move from paper to pixels, the service will likely see deeper dips in volume.