US Postal Service posts huge loss
Washington, May 11 (IANS) The US Postal Service (USPS) Thursday reported a $3.2 billion loss for the first three months of this year, $1 billion more than the same period last year.
The mail agency projected a record $14 billion loss for the 12 months ending Sep 30, including a required $5.5 billion payment for future retirees' health benefits, reported Xinhua.
From January to March, the post office had income of $16.2 billion, slightly down from the same period last year, driven by declining mail volume. The mail volume in the quarter went down to 39.5 billion pieces, a four-percent decrease from a year earlier, mainly because of the increasing use of electronic communications.
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