Sunday, December 21st8.0°C
24563

Canada Post Corp. reports $29M loss for 2013, revenue edges higher

OTTAWA - Canada Post Corp. lost $29 million last year compared with a loss of $83 million in 2012, helped by the sale of its plant in downtown Vancouver.

Revenue for the Crown corporation, which includes the Canada Post mail and parcel delivery segment, along with majority-owned subsidiaries Purolator, SCI Group and Innovapost, totalled $7.56 billion, compared with $7.52 billion in 2012.

On an operating basis, Canada Post lost $193 million for the year compared with an operating loss of $106 million a year earlier.

Canada Post is in the midst of a massive reorganization including a move to end door-to-door delivery of the mail.

The Canadian Union of Postal Workers said Monday that Canada Post needs to create new and better services to turn the business around instead of cutting services.

"This annual report is a clear sign that the present managers of Canada Post need to rethink their plans," CUPW national president Denis Lemelin said.

The Canada Post mail and parcel business had a loss before tax of $125 million for 2013 on $5.88 billion in revenue. That compared with a loss before tax of $136 million on $5.87 billion in revenue in 2012.

The company said the results came as mail volumes continued to slide, but parcel revenue and volumes grew compared with a year ago.

Parcel revenue was up 7.2 per cent, while parcel volume increased by five per cent.

Purolator reported a profit before tax of $66 million on $1.62 billion in revenue last year compared with a profit before tax of $35 million on $1.63 billion in revenue in 2012.

SCI Group earned a $12-million profit before tax on $179 million in revenue in 2013, up from a profit before tax of $7 million on $162 million in revenue in 2012.

The Canadian Press


Read more Business News

24304


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8611-0.0006
Gold1195.90+2.50
Oil56.50+2.39
Lumber338.00-0.70
Natural Gas3.464-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
23744


24175

FEATURED Property
1872290471 Swan Drive, Kelowna, BC
4 bedrooms 4 baths
$659,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_





24476


Member of BC Press Council


23871