Canada Post Group reports major drop in earnings

Magazine publishers won't be surprised, but will continue to be concerned, that Canada Post saw pre-tax earnings in 2010 decline by 27% to $233 million, according to its annual report, tabled Wednesday in the House of Commons. 

It saw its main lettermail business decrease by 4.5%, the fourth consecutive year-over-year drop. Total volume for the Canada Post division (including mail, parcels and direct marketing) fell by 1.8%. Canada Post accounts for 80% of  Canada Post Group volume (comprising Canada Post, Purolator, SCI Group and Innovapost).