Postal Service reports $382M April net loss
The US Postal Service saw a net loss of $382 million in April, bringing its seven-month total net loss for its 2010 fiscal year to $2.26 billion.
The numbers are a slight improvement from its 2009 fiscal year, when the agency saw a net loss of $385 million for April and $2.67 billion for the first seven months of the fiscal year, according to preliminary financial information filed with the Postal Regulatory Commission.
The USPS is rallying public and congressional support for its 10-year plan to return to financial stability, which includes the move to a five-day-per-week delivery schedule and an exigent price increase. USPS executives have predicted a $7 billion net loss for this fiscal year.
The USPS saw net losses of $381 million in March, and $611 million in February, respectively. For the first six months of this fiscal year, it reported a net loss of $1.9 billion. The Postal Service ran a net loss of $3.8 billion for its 2009 fiscal year, which ended September 30, 2009.
A Postal Service representative could not be immediately reached for comment.