An executive from Canada Post informed a parliamentary committee that the Crown corporation’s upcoming annual report will highlight the seriousness of its financial situation. During the committee meeting on April 8, Alexandre Brisson, the Vice-President of Canada Post operations, expressed concerns about the impact of competition from low-cost operators on the parcel delivery market.
According to Mr. Brisson, the annual report, usually released in early May, will offer more insights into the financial challenges faced by Canada Post. The corporation has experienced significant losses totaling $2.2 billion since its last profitable year in 2017.
As part of its efforts to address financial concerns, Canada Post plans to raise the price of stamps by seven cents, starting in May. This adjustment is expected to impact the average Canadian household and small businesses.
MPs Question Operations
During the committee meeting, Conservative MP Kelly Block raised questions about Canada Post’s strategic planning process and implementation. Mr. Brisson acknowledged the importance of strategic planning but did not provide a specific timeline for the last approved plan.
Additionally, Liberal MP Charles Sousa expressed concerns about Canada Post’s financial sustainability and its ability to compete with private sector rivals. He highlighted the challenges posed by the gig economy and labor compensation issues.
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