POLITICS
08/17/2011 05:02 EDT | Updated 10/17/2011 05:12 EDT

Canada Post profit totals $438 million on tax-related gain, revenue higher

OTTAWA - Canada Post Group reported a profit of $439-million for 2010 on Wednesday, boosted by a one-time tax-related gain, as it saw revenue creep higher.

The results compared with a profit of $281 million in 2009.

Boosting the earnings for 2010 was a $136-million gain related to its tax bill.

Revenue totalled $7.45 billion, up from $7.31 billion the previous year.

Canada Post workers were legislated back to work earlier this year after the Crown corporation locked them out in a labour dispute that began with rotating strikes by the union.

The company noted that it has a $3.2-billion deficit in its pension plan that must be paid down. In 2010, Canada Post made $425 million in special payments to reduce that deficit.