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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

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