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Canada Post reported a $129-million loss on Thursday in its latest quarter, as growth from online shopping package deliveries did not make up for the steep losses from declining letter mail volume.
The federal Crown corporation and its subsidiaries, known collectively as the Canada Post Group, said despite a parcel delivery revenue increase of $32 million, the company is on track to post a “substantial loss in 2013.”
“With historic shift away from paper-based communications, the corporation’s current business model does not allow it to achieve sufficient profitability and cash flow to support its operations,” a statement from Canada Post on Thursday said
Read more: http://www.ctvnews.ca/canada/canada-post-posts-129m-loss-in-q3-letter-mail-volume-continues-to-fall-1.1554100#ixzz2lNtTzJEK
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