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