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Canada Post Reports 2014 Second Quarter Profit

Aug 27, 2014

Canada Post has reported a $53-million profit for the second quarter of 2014, as compared to a second-quarter loss of $104 million in 2013. The corporation attributes its profit growth to "the impact of lower employee benefit costs, continued growth in the Parcels business and new pricing measures for Transaction Mail contained in the corporation's Five-point Action Plan."

The national action plan, announced in December 2013, has five main initiatives: the introduction of community mailboxes nationwide; a new tiered pricing structure for Lettermail; opening more franchise postal outlets in retail businesses; streamlining operations; and addressing CP labour costs.

Today's second-quarter news release includes an update on these five initiatives, including progress on community mailbox conversions. 1.17 million addresses will be converted to community mailbox delivery in 2015.

The release also notes that Transaction Mail volumes continue to decline, with 117 million fewer pieces delivered this year as compared to the same time last year (for a decline of 4.7%). The robust online shopping market, however, means that Parcel volumes are growing, with an increase of 2 million pieces (9.7%) this quarter compared to 2013. 

In fact, Canada Post attributes its profit this quarter to the growth in Parcels business, lower employee benefit costs and the new Lettermail pricing structure, announced last year.

For more information: read the Canada Post news release

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