US Postal Service has $3.8 bln loss in fiscal '09

Discussion in 'The Latest DHL and USPS Headlines' started by cheryl, Nov 17, 2009.

  1. cheryl

    cheryl I started this. Staff Member

    US Postal Service has $3.8 bln loss in fiscal '09 - Reuters

    The U.S. Postal Service reported a $3.8 billion net loss for its fiscal year that ended Sept. 30, as some $6 billion in cost savings were not enough to keep pace with plunging mail volumes.

    The agency, which delivers nearly half the world's mail, saw 26 billion fewer pieces of mail in fiscal 2009 as global economic weakness took its toll.

    The 12.7 percent drop in mail volume to 177.1 billion pieces from a year earlier was more than double any previous decline the agency has seen, said Joseph Corbett, the agency's chief financial officer.