Canada Post is reporting a staggering $1.3 billion operating loss for 2024, driven by declining volumes in letter and parcel deliveries and stiff competition. Despite selling off parts of its logistics business, the net losses have grown to $841 million, up from $748 million in 2023. The corporation has faced consistent losses since 2018, totaling $3.8 billion. Additionally, a recent postal worker strike contributed to a $208 million loss. Unresolved contractual issues with the union, including disputes over pay and hiring practices, have led to further uncertainties as another strike looms.
"Our current structure was built for a bygone era of letter mail. The status quo has led us to the verge of financial insolvency and is not an option."
"Revenue from parcel delivery alone fell by $683 million compared to 2023, contributing significantly to our overall financial losses."
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