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U.S. Postal Service posts $1.9 billion loss, despite efficiency efforts

Posted By adans On May 10, 2013 @ 1:57 pm In Money Watch,Tile | Comments Disabled

Eric Yoder
washingtonpost.com [1]
May 10, 2013

Savings from efficiency efforts and increased revenues from some categories of business were not enough to prevent the U.S. Postal Service from posting a loss of $1.9 billion in its second fiscal quarter, postal officials announced Friday.

The loss, following one of $1.5 billion in the first quarter, spurred officials to once again call on Congress to enact changes the Postal Service has proposed, including switching to five-day delivery of mail while continuing six-day delivery of packages, and savings on employee health insurance, retirement and other costs.

Revenue from shipping and packages rose in the second quarter by $267 million, or 9.3 percent, compared with the prior year, while advertising mail revenues were up $96 million, or 2.4 percent. However, revenue from first-class mail, the Postal Service’s most profitable category, decreased $198 million, or 2.7 percent. Total mail volume fell to 38.8 billion pieces from 39.4 billion pieces.

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URLs in this post:

[1] washingtonpost.com: http://www.washingtonpost.com/blogs/federal-eye/wp/2013/05/10/u-s-postal-service-posts-1-9-billion-loss-despite-efficiency-efforts

[2] Postal Service Is Nearing Default as Losses Mount: http://www.prisonplanet.com/postal-service-is-nearing-default-as-losses-mount.html

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[4] Fannie Mae Posts Record $29 Billion Quarterly Loss: http://www.prisonplanet.com/fannie-mae-posts-record-29-billion-quarterly-loss.html

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