The Postal Service posted a relatively smaller $740 million loss for the third quarter ended June 30, largely thanks to what it called aggressive actions to contain costs and increase efficiency.
USPS had posted a $1.9 billion loss in the second quarter, and is down $3.9 billion on the year.A decrease in workers’ compensation expense due to fluctuations of discount rates also helped prevent greater losses in the third quarter, said USPS.
Postmaster general Patrick Donahoe said he’s encouraged in regard to the prospects for comprehensive postal reform legislation currently making its way through the House and Senate. One major provision under consideration is whether to end the Postal Service’s obligation to refund retiree health benefits.
USPS said that in the first nine months of this fiscal year it has consolidated 104 mail processing facilities, reduced operating hours at 7,397 post offices, opened 258 village post offices, consolidated or reduced 1,156 delivery routes, reduced career employee work-hours by about 41 million, and increased non-career employee work-hours by about 30 million.
