We recently released our quarter results for Q1 of 2022. You are right that the Canada Post segment reported a loss before tax of $129 million. That loss deepened by $52 million compared to 2021. Really, the main difference was revenue falling by about $125 million versus the first quarter of 2021.
The larger component is parcel revenue. To better appreciate that, we know that in the first quarter of 2021 we still had exceptionally high volume levels in our parcel line of business due to post-holiday online shopping and returns, because stores were still closed due to the pandemic.
The volumes were a lot higher in the first quarter of 2021 compared to this year. We are also facing limited inbound air transportation capacity and global supply chain issues, which also negatively impact our parcel volume and revenue.