For Immediate Release
The Canadian Union of Postal Workers is pointing out that Canada Post’s press release is highly misleading, continuing its record of downplaying financial success in order to impose unnecessary cost-cutting measures.
“Looking at the report, for the first three quarters, we see an overall profit of almost $30 million ($28 million). Once again, in 2015, Canada Post is on track to surpass its projections,” said Mike Palecek, National President of CUPW.
The Canada Post news release headline emphasized the $13 million loss for the Canada Post segment. Only much lower down in the release does it mention that the Canada Post Group of Companies reported a profit before tax of $10 million for the third quarter and $28 million for the first three-quarters of 2015.
The post office is a seasonal business, depending heavily on holiday sales for its success. The union cautions Canadians not to be misled by third-quarter results, which are normally lower. In 2014, for example, the fourth quarter generated $185 million in profit, $150 million more than the third quarter profit.
“There is every reason to expect that the Canada Post Group of Companies and the Canada Post segment will both see a much greater overall profit this year once the busy holiday season is factored into its last quarter” said Palecek.
CPC Overall Financial Performance versus CPC Corporate Plan
CPC consolidated net profit
Source: As reported in CPC annual reports and corporate plans
For more information, please contact Aalya Ahmad, CUPW Communications, 613-327-1177 or firstname.lastname@example.org