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.

News Archive

Advertisement

MER Magazine


The Mail & Express Review (MER) Magazine is our quarterly print publication. Packed with original content and thought-provoking features, MER is a a must-read for those who want the inside track on the industry.

 

P&P Poll

Loading

Will the UK be delivering more goods to the EU by 2021?

Thank you for voting
You have already voted on this poll!
Please select an option!



Pin It on Pinterest

Share This