JOC Staff | Nov 16, 2012 10:10AM EST
The U.S. Postal Service ended the 2012 fiscal year on Sept. 30 with a record net loss of $15.9 billion, more than triple the $5.1 billion loss last year.
The loss was primarily caused by a default of $11.1 billion on payments to prefund retiree health benefits, as required by Congress, USPS said.
Revenue from the package business increased by $926 million, or 8.7 percent, on a volume increase of 244 million pieces compared with the same period last year. First-class mail revenue dropped $1.2 billion, or 3.9 percent, and standard mail decreased $747 million, or 4.3 percent year-over-year.
