US Post posts US$2.8 billion loss
The US Postal Service has posted its results for the 2008 fiscal year ended September 30, showing a net loss of US$2.8 billion.The loss occurred despite more than US$2 billion in cost-cutting measures that included 50 million fewer work hours compared to the previous year.
Mail volume in FY 2008 totalled 202.7 billion pieces, a decline of 9.5 billion pieces, or 4.5 per cent, compared to the previous fiscal year.
Total revenue in FY 2008 was US$75 billion, unchanged from 2007. -Jack Handley
