The head of the U.S. Postal Service (USPS) on Friday said the agency faces a 'dire' financial position even as it posted a slightly narrower ...
The head of the U.S. Postal Service on Friday said the agency faces a"dire" financial position even as it posted a slightly narrower third-quarter loss amid soaring package demand during the coronavirus pandemic.
FILE PHOTO: U.S. postal workers load their trucks with mail for delivery from their postal station in Carlsbad, California February 6, 2013. REUTERS/Mike Blake/File PhotoShare this contentWASHINGTON: The head of the U.S. Postal Service on Friday said the agency faces a"dire" financial position even as it posted a slightly narrower third-quarter loss amid soaring package demand during the coronavirus pandemic.
Postmaster General Louis DeJoy said USPS has a"broken business model" and is in need of organizational changes."Without dramatic change, there is no end in sight and we face an impending liquidity crisis," DeJoy said.USPS said quarterly revenue rose to US$17.6 billion, up US$547 million. The quarterly net loss shrank to US$2.2 billion from US$2.3 billion in the same quarter last year.
First-class mail volume declined by 1.1 billion pieces, or 8.4per cent. Shipping and packages revenue increased by US$2.9 billion, or 53.6per cent, on a volume increase of 708 million pieces, up 49.9per cent.
DeJoy said the Postal Service is eliminating inefficiencies, including"unnecessary overtime." The Postal Service has lost US$80 billion since 2007.
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