The US Postal Service (USPS) increased revenues slightly in its third quarter, ending June 30, butfell heavily into the red.
Chief Financial Officer H. Glen Walker said revenue for the third quarter totaled $18.4billion, up 2.9% from the same period last year. Costs rose to $19.1 billion, including $878million that is attributable to the implementation of the Postal Accountability and EnhancementAct, signed into law the end of last year.
As a result, USPS had a $659 million net loss for the third quarter compared to a smallprofit of $81 million in the same period last year.
But USPS stressed that the national on-time performance scores for the delivery ofFirst-Class Mail amounted to 96% for the overnight service, up from 95% the same period last year,93% for the two-day service and 91% for the three-day service.
“I’m very proud of our third quarter performance,” said Postmaster General John Potter. “Ourperformance is at an all time high and this is the first time that a 93% on-time score has beenachieved for two-day national performance.”
