More record losses for Canada Post.
The Corporation reports that operating losses over the last three months exceeded $540 million.
For the year, it is now over $1 billion.
Canada Post attributes nearly all of the losses to the ongoing labour dispute with its postal workers.
Members of the Canadian Union of Postal Workers have been working without a new contract, staging strike action most recently in late September before reverting to rotating strikes in mid-October.
Canada Post says those disruptions have led to a 40% decline in parcel delivery revenue.
The postal service has suffered ongoing losses since 2018, pegged at $5.5 million.
A cash infusion of over $1 billion was given by the federal government earlier this year, which was to take Canada Post to the end of March 2026.
Canada Post says it expects to use up that cash by the end of this year and will need access to short-term financing to support operations over the next twelve months.
It has taken steps to make operational changes that include converting home mail delivery to community mailboxes.
“These important changes will help to ensure postal services remain reliable, affordable and universal for all Canadians and Canadian businesses, while saving the Corporation hundreds of millions of dollars per year,” Canada Post states in a release.
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