Canada Post Loses $242M in 2nd Quarter

Canada Post box

CBJ — Canada Post recorded a second quarter loss before taxes of $242 million, That’s a huge drop from the $27 million profit it made during the same period in 2017.

The Crown corporation anticipated a loss in the midst of settling a pay equity dispute and built a loss into its books in anticipation of the decline. It’s not known how much those numbers may need to be revised. A lot will be dependent on the outcome of talks with the Canadian Union of Postal Workers.

“A mediation process is under way to reach a negotiated settlement,” according to a note on Canada Post’s website.

The dispute if primarily focused on perceived pay inequities between mostly male urban carriers and their majority female rural and suburban counterparts.

Canada Post and CUPW jointly agreed to mediated talks in early June.

@CanBizJournal

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