Canada Post recorded a loss of $13 million before tax in the third quarter of 2015 after delivering a profit — also $13 million — during the same period a year prior, according to financial results released Friday (November 20).
The third quarter concluded in early October but late last month the Crown corporation announced it was putting plans on hold to transition door delivery services over to community mailboxes.
So far, Canada Post has converted 850,000 addresses to community mailboxes but it has no plans to convert any additional addresses throughout November and December.
The mail delivery service pointed to employee benefit expenses rising $44 million in the third quarter as one reason behind the steep decline.
Domestic parcel volumes were 16.1% higher than a year ago, helping to offset losses.
But revenue from overall mail volume was down $9 million, sliding to $742 million from $751 million a year prior.
