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Canada Post hits $53 million in profit for quarter

VANCOUVER (NEWS1130) -The increase in price for Canadian stamps back in April is helping Canada Post’s bottom line.

Canada Post reports a pre-tax quarterly profit of $53 million compared to a loss of $104 million a year earlier.

Revenue from letters rose 14 per cent the contributing factor was the cost for a stamp jumped 35 per cent to 85 cents in April.

The revenue gain is despite a continuing drop in the volume of mail delivered, which was 38 million fewer pieces.

Canada Post also reports a sharp increase in revenue in parcel delivery due to more online shopping.

Lower employee benefit costs due to a rise in pension investments is another thing helping the crown corporation.