Canada Post reports Q1 profits of US$54m

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Canada Post has reported first-quarter profits of C$70m (US$54m) before tax, attributed to significant growth in the parcel segment.

The result builds on the positive momentum from 2017 when the post delivered record parcel volumes. Comparatively, Canada Post recorded profits of C$50m (US$38m) in the first quarter of 2017.

In the first quarter of 2018, parcel revenue grew by C$110m (US$85m), or 24.6% year-on-year, while volumes increased by 17 million pieces, or 33% compared to the same period in 2017.

Domestic parcels, the largest product category, continued to grow strongly, as revenue increased by C$76m (US$58m), or 23.6%, and volumes grew by six million pieces, or 17.3%.

For Q1 2018, transaction mail revenue decreased by C$46m (US$35m), or 4.1%, while volumes decreased by 50 million pieces, or 4%, compared to the same period in 2017.

For domestic lettermail, the largest product category, revenue decreased by C$24m (US$18m) or 1.6%, and volumes decreased by 34 million pieces, or 2.4%.

For the same period, direct marketing revenue decreased by C$3m (US$2.3m), which is an increase of 0.5% when adjusted for trading days, while volumes fell by 23 million pieces, or 0.5%.

The Canada Post Group of Companies reported a profit before tax of C$96m (US$74m), compared to a profit before tax of C$68m (US$52m) in the same period in 2017.

The group of companies’ positive first-quarter results were primarily driven by positive results in the Canada Post segment, which were largely due to parcel growth.

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Dan originally joined Parcel and Postal Technology International in 2014 having spent the early years of his career in the recruitment industry. As online editor, he now produces daily content for the website and supports the editor with the publication of each exciting new issue. When he’s not reporting on the latest technological developments, Dan can be found on the golf course or apprehensively planning his next DIY project.

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