USPS sees net loss of $255M for NovemberThe US Postal Service has reported a net loss of $255 million for November, and a $476 million net loss for October and November, the first two months of its 2010 fiscal year. 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 $2.2 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.