USPS announces further losses

USPS has reported a net loss of $255m for November, and a $476m net loss for October and November, the first two months of its 2010 fiscal year, reports DM News.

The article continues:

Mail volume for November was down 4% from the previous year, although its revenue for the month was up 0.9%.

The figures, made public by the PRC, are unaudited. The federal agency is required to report its finances to the Postal Regulatory Commission.

Postal Service representatives have predicted a revenue decline of $2.2bn for the 2010 fiscal year, as well as a net loss of $7.8bn, cost reductions of more than $3.5bn and a reduction in mail volume of more than 11bn pieces.

Last November, the USPS reported a net loss of $3.8bn for its 2009 fiscal year. It also disclosed a nearly 9.1% drop in operating revenue for the 2009 fiscal year from $74.9bn for the prior period. Congress allowed the USPS to delay $4bn in payments to a retirees’ healthcare fund last year. The USPS was charged with spending $5.4bn on payments to the fund for fiscal year 2009.

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