BRIEF-Canada Post segment records $1 mln profit before tax in Q2

Fri Aug 26, 2016 11:06am EDT
 
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Aug 26 (Reuters) - Canada Post Corp

* Q2 transaction mail revenue $784 million

* Canada Post segment records $1 million profit before tax in second quarter

* Pension solvency deficit is estimated at $8.1 billion as of July 1, 2016, up from $6.1 billion at December 31, 2015

* In first two quarters of 2016, Canada Post segment recorded profit before tax of $45 million, compared to loss before tax of $7 million in same period last year

* Canada Post segment's qtrly results were driven by continued parcels growth,about 27 million additional pieces of mail generated by 2016 census

* In Q2, parcels revenue rose by $34 million or 9.2 percent to $404 million while volumes increased by 4 million pieces or 8.5 percent compared to last year

* Late in quarter, many customers made other arrangements to deliver their mail and parcels, will have a noticeable impact on Q3 results

* Uncertainty over negotiations with Canadian Union of Postal Workers for two new collective agreements had minimal impact on revenue in Q2 Source text for Eikon: