The Postal Service’s financial problems worsened in the spring. The agency reported a $5.2 billion net loss on Thursday for the quarter that ended June 30.
In the same period last year, the agency reported a net loss of $3.1 billion. In the first quarter of 2012, the service had a $3.2 billion loss. The latest report brings total losses so far in its fiscal year, which ends Sept. 30, to $11.6 billion, compared with $5.7 billion over the same period a year earlier.
The Postal Service’s revenue in the quarter fell to $15.6 billion, a decrease of $153 million, or a 1 percent decline, compared with the same period last year. The agency had operating expenses of $20.8 billion, an increase of $1.9 billion, or 10.2 percent.
The Postal Service attributed the net loss mostly to a 2006 law requiring that the agency prefund future retirees’ health benefits, amounting to a $5 billion payment each year for 10 years.
You can read NR’s past coverage of USPS here.