Canada Post lost $407 million in second quarter as customers move to other carriers

Canada Post lost $407 million in the second quarter amidst an ongoing contract dispute, the Crown corporation announced Tuesday.

That pre-tax loss is down from a $46 million profit in the second quarter last year.

“Parcels results declined sharply as the strike activity and labour uncertainty drove customers to other carriers for their deliveries,” the Crown corporation said in a press release announcing the results.

Parcel revenue dropped by more than a third, down by $288 million, as Canada Post delivered 25 million fewer packages in the second quarter than it did a year earlier.

Contract negotiations between Canada Post and the Canadian Union of Postal Workers have dragged on for more than 18 months and led to a month-long strike late last year.

Earlier this month, CUPW members rej