Canada Post lost $748 million last year, warns of 'critical' financial situation

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Canada Post lost $748 million last year, warns of 'critical' financial situation | CBC News Loaded

Canada Post warns its financial situation is so grim it could run out of operating money in less than a year, citing declining revenue and increased competition from private delivery companies.

Crown corporation could run out of money in less than a year, cites declining revenue and stiff competition

CBC News

· Posted: May 03, 2024 7:13 PM EDT | Last Updated: 17 minutes ago

A red mail box is surrounded by flood water.

Canada Post said Friday its financial situation is so grim it could run out of operating funds in less than a year, after the Crown corporation posted another whopping pre-tax loss of $748 million in 2023.

In its annual report released late Friday afternoon, the company predicts "larger, unsustainable losses in future years" without major changes to its operating model.

"Even with Canada Post's recently proposed stamp price increase, the Corporation projects that, without additional borrowing and refinancing, it will fall below its required operating and reserve cash requirements by early 2025," the report says.

Canada Post has been losing money since 2018. In the last six years, its losses have totalled $3 billion.

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