Revenue declined as sale of SCI helped improve loss before tax OTTAWA, ON, May 24, 2024 /CNW/ - Canada Post recorded a loss before tax of $76 million in the first quarter of 2024 as revenue for Parcels and Transaction Mail declined and Direct Marketing picked up. The segment's loss before tax improved compared to the same period of the prior year due to the receipt of non-recurring dividends partly related to the divestiture of SCI Group Inc. (SCI). Without these dividends, Canada Post's loss before tax would have been approximately $224 million, compared to a loss before tax of $107 million in the first quarter of 2023. In the first quarter, Canada Post's revenue declined by $56 million, or 1.5 per cent,1 compared to the same quarter of the prior year. Parcels results continued to be negatively impacted by the competitive environment, while Transaction Mail volumes continued to erode. In Direct Marketing, Canada Post Neighbourhood Mail™ service benefited from new business and higher sales. Canada Post's loss from operations in the first quarter was $221 million, expanding by $109 million compared to the $112-million loss from operations it had recorded in the first quarter of 2023. The cost of operations increased by 2.8 per cent in the first quarter compared to the same period a year earlier. Labour costs rose slightly and employee benefit costs increased due to a decline in discount rates. The increase in costs was partly offset by lower non-capital investments as the company has refocused its 2024 investment priorities. Parcels  For the first quarter of 2024, Parcels revenue declined by $59 million, or 5.4 per cent, while volumes fell by 2 million pieces, or 1.1 per cent, compared to the same ...