Canada Post Group reports 2017 profit up as parcel business swells
The Canada Post logo is seen on the outside the company's Pacific Processing Centre, in Richmond, B.C., on Thursday June 1, 2017. (Darryl Dyck / THE CANADIAN PRESS)
The Canadian Press
Published Thursday, May 3, 2018 2:06PM EDT
OTTAWA -- The Canada Post Group of Companies reported a profit of $144 million for 2017, up from $81 million in 2016, as its parcel business grew amid the popularity of online shopping.
The improved profit at the company which includes Canada Post, Purolator and SCI Group came as revenue from operations totalled nearly $8.23 billion last year, up from $7.88 billion in 2016.
Canada Post has seen its parcels business grow significantly as shoppers opt for online retailers, offsetting a decline in the company's traditional transaction mail business.
The Canada Post segment earned $57 million, up from $46 million in the previous year.
Parcels revenue at Canada Post increased to $2.13 billion, up from $1.74 billion, while transaction mail revenue fell to $2.91 billion compared with $3.04 billion a year earlier. Direct marketing revenue edged down to $1.12 billion compared with nearly $1.14 billion in 2016.
Meanwhile, the company's Purolator business earned $88 million in 2017, up from $48 million, while its SCI Group logistics arm earned $15 million, the same as in 2016.