Canada Post reports $407-million quarterly loss, blames union overtime ban

Canada Post reported a $407-million loss before tax in the second quarter, blaming labour uncertainty for a steep fall in parcel volumes and revenue at the financially challenged postal service.

The Crown corporation said the loss was the largest before tax in a single quarter.

Both parcel volumes and revenues fell by about 37 per cent from the comparable quarter a year earlier. Canada Post says the Canadian Union of Postal Workers’ overtime ban, which began on May 23, caused uncertainty for customers and affected parcel results.