Canada Post’s Next Annual Report Will Reveal Its Dire Financial Situation, Executive Tells MPs

A Canada Post executive has told a parliamentary committee the Crown corporation’s next annual report will spell out “the gravity” of its financial situation, while one Liberal MP questioned whether the post office’s business model is unsustainable. “We are now facing intensifying competition from low-cost operators who have disrupted the parcel delivery market in just a few short years,” Alexandre Brisson, vice-President of Canada Post operations, testified at the Commons government operations committee on April 8. “As a result, our market share has significantly dropped.” Mr. Brisson said the Crown corporation’s annual report, typically tabled in the first week of May, would provide more detail on its financial situation, as first covered by Blacklock’s Reporter. Canada Post last reported a pre-tax profit in 2017, and subsequent losses since then have come to a combined total of $2.2 billion....