The Canada Post segment is reporting a $70-million profit before tax for the first quarter of 2018, which ended March 31.
The growth in Parcels volumes was driven by strong performance from major commercial customers and by Canada Post’s solid delivery performance as consumers order more products online. The growth continues the positive momentum Canada Post achieved in 2017, when employees delivered record Parcels volumes.
Revenue for Q1 2017 was restated as a result of new accounting standards.
Key results for the Canada Post segment in Q1 2018 compared to Q1 2017
Parcels revenue grew by $110 million or 24.6 per cent.
Parcels volumes increased by 17 million pieces or 33.0 per cent. Some of that growth occurred as Transaction Mail Inbound Letter-post migrated to Parcels due to changes in international induction procedures.
Transaction Mail revenue decreased by $46 million or 4.1 per cent.
Volumes decreased by 50 million pieces or 4.0 per cent.
Revenue decreased by $3 million, which is an increase of 0.5 per cent when adjusted for trading days. Volumes fell by 23 million pieces or 0.5 per cent.
Revenue for Neighbourhood Mail remained constant while volumes decreased slightly, by seven million pieces.