Postal Service had $354 million first-quarter loss – Yahoo News
WASHINGTON (AP) — The Postal Service lost $354 million over the last three months, and officials warned that mounting losses could lead to cash flow problems for the rest of the year, the agency said Friday.
The loss was far less than the $1.3 billion in the comparable quarter the previous fiscal year, but Postmaster General Patrick Donahoe continued to press Congress to give the agency more flexibility to manage its finances.
The report for the financial quarter ending December 31 comes as Congress works toward fixing the agency’s troubled finances. On Thursday, the Senate Homeland Security and Governmental Affairs Committee approved a bill that would end Saturday mail delivery and make permanent a temporary hike in the cost of a first-class stamp, which went from 46 to 49 cents on Jan. 26.
The Senate measure also would restructure a congressional requirement that forces the agency to make a $5.6 billion annual payment for future retiree health benefits. The Postal Service has been urging Congress to reform the service’s finances as it continues to cope with steep financial losses. The Postal Service lost $5 billion in the last fiscal year, down from $15.9 billion in 2012.