Archive for May 2013

2012 Annual Report Paves Way for Further Privatization

On April 17, the Canada Post Group of Companies released its 2012 Annual Report. The report covers the Canada Post segment, Purolator, SCI Group and Innovapost.

A press release summarized the report and emphasized that even though the Canada Group of Companies had a before-tax profit of $127 million and the Canada Post segment a before-tax profit of $98 million, that this was not really a profit. The Canada Post spokesperson explained that the result was created by “non-recurring and non-cash adjustments worth approximately $152 million. Furthermore, these adjustments were largely due to reductions in the future costs of sick leave and post-retirement health benefits. The savings were a result of major concessions made by the Canadian Union of Postal Workers in the contract signed on December 21, 2012. Read more