USPS reports net loss of $5.1bn
The US Postal Service (USPS) has reported a net loss of $5.1bn for fiscal year (FY) 2015, compared to a loss of $5.5bn in FY2014. Revenue for the year was $68.9bn, up from $67.8bn, while operating expenses rose 0.9% to $73.8bn. The total mail volume was 154.2bn pieces, down from 155.5bn in 2014.
USPS said that “the net loss is largely due to certain statutorily mandated payments over which the Postal Service has no control”.
Commenting on the results, US Postmaster General and CEO Megan J. Brennan, said: “We achieved controllable income in excess of $1 billion for the second consecutive fiscal year giving us some limited flexibility to make critical investments in the future of the organization.
“To maintain this success we will need to continue our efforts to grow the business and drive operational efficiencies. However, we will also need the enactment of legislation that makes our retiree health benefit system affordable and that provides increased pricing and product flexibility.”