Canada Post is reporting a pre-tax loss of $ 378 million in the second quarter, a figure that the service said was largely attributable to the COVID-19 pandemic.The state-owned company says it has seen unprecedented growth in parcel volume and income for Canadians who shop online while staying at home, delivering as much at the start of the second quarter as postal service during the peak Christmas season.
But mail and direct marketing revenues have fallen faster, with businesses sending less mail and advertising than before the pandemic.
Traditional mail revenue fell 15.4% from the same period in 2019, while year-over-year direct marketing revenue fell 46.4% in the second quarter.
Canada Post estimates that COVID-19 resulted in a shortfall of $ 46 million and an increase in costs of $ 118 million.
The Postal Service has now recorded a pre-tax loss of $ 444 million in the first half of 2020, compared to a loss of $ 27 million in the same period last year.