MONTREAL – Canada Post saw hundreds of millions of dollars drain out of its coffers last quarter, due largely to its dwindling share of the parcels market — while an ongoing strike continues to batter its bottom line.

The Crown corporation said Friday it lost $315 million before tax in the third quarter, larger than its $290 million loss a year earlier.

“An increasingly crowded and highly competitive e-commerce delivery market continued to impact parcels results in the third quarter of 2024,” Canada Post said. The number of packages dropped by six million or nearly 10 per cent year-over-year.