Canada Post released its annual report this week with the Clerk of the House of Commons, reporting a net income of $84 million on revenues of $5.9 billion.
The revenue is an increase of $305 million over 1999/2000. The companyÔÇÖs consolidated net income for the year of $84 million is an increase of $9 million from the $75 million reported the previous year. The annual report also says that operating revenues from advertising services (Unaddressed Admail, Addressed Admail) totaled $708 million, an increase of $24 million over last year.
Canada Post also announced a $22-million loss by Purolator Courier, which is 96 per cent owned by Canada Post.
ÔÇ£Purolator Courier was a bad investment for Canada Post and Canadians are going to be asked to pick up the tab on that investment within a few weeks when Canada Post files for its automatic annual increase in the price of stamps,ÔÇØ said Executive Director of the Canadian Courier Association Phil Cahley in a press release. ÔÇ£Purolator losses keep adding up and stamp prices keep going up to subsidize the Purolator loss. No other private sector courier can rely on the government to pick up its losses in the manner that Purolator can.
ÔÇ£The losses at Purolator are further proof that Canada PostÔÇÖs strategy of investing in competitive ventures has simply not paid off,ÔÇØ he said.
Canada PostÔÇÖs annual report and highlights from its 2001 to 2005 Corporate Plan and 2001 Capital Budget can be found at its web site at www.canadapost.ca .