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Postal Service posts $3.5 billion Q3 loss

Published on .

Washington, D.C.—The U.S. Postal Service ended its third fiscal quarter with a $3.5 billion loss, outstripping the $2.4 billion the USPS lost in the same period in 2009.

Mail volume in the fiscal quarter ended June 30 totaled 40.9 billion pieces, down some 700 million pieces, or 1.7%, from the year-earlier period, while operating revenue was $16.0 billion for the quarter, compared with $16.3 billion in the year-ago quarter. Losses were worsened by higher operating expenses related to workers’ compensation and retiree health benefits, according to the service.

A statement by Joseph R. Corbett, the Postal Service’s CFO, said it is uncertain if the USPS will have enough cash to fund its operations in 2011. The service continues to push for a reduction in mail-delivery frequency, and an increase in postal rates.

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