USPS sees net loss of $255M for November
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 $2.2 billion for the 2010 fiscal year, as well as a net loss of $7.8 billion, cost reductions of more than $3.5 billion and a reduction in mail volume of more than 11 billion pieces.
Last November, the USPS reported a net loss of $3.8 billion for its 2009 fiscal year. It also disclosed a nearly 9.1% drop in operating revenue for the 2009 fiscal year from $74.9 billion for the prior period. Congress allowed the USPS to delay $4 billion in payments to a retirees' healthcare fund last year. The USPS was charged with spending $5.4 billion on payments to the fund for fiscal year 2009.