The Crown corporation says it’s struggling amid intense competition in parcel delivery services that has led to its market share eroding from 62 per cent prepandemic to 29 per cent last year
says it lost $748-million before tax last year as it warned larger, unsustainable losses are likely ahead without changes to its business model.
It says the rise in parcel competition comes as the postal service has also seen a declining numbers of letters, even as the number of addresses and delivery costs grow.
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