Canada Post reports before-tax profit

The Canada Post Group of Companies reported a profit before tax of $269 million in 2014 compared to a loss of $58 million in 2013, according to a March 27 announcement.

The Canada Post Group of Companies comprises the core Canada Post segment and its three non-wholly owned principal subsidiaries, Purolator Holdings Ltd., SCI Group Inc. and Innovapost Inc.

Canada Post segment reported a profit before tax of $194 million in 2014 compared to a loss before tax of $125 million in 2013.

According to the announcements, these results were mainly due to strong growth in the parcels business, lower employee benefit costs and new pricing measures for transaction mail.

Also in 2014, Canada Post’s revenue from domestic parcel business surpassed $1 billion for the first time.

Canada Post said its five-point action plan resulted in progress in realigning the postal service with the increasing need for parcel mail and declining use of paper mail.

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