Postal service reports $1.9 billion quarterly loss
WASHINGTON — The U.S. Postal Service reported a $1.9 billion loss for the first three months of this year and pleaded again Friday for reforms to its troubled financial system.
The loss for the quarter that ended March 31 matched the $1.9 billion in red ink in the same period last year and marked the 20th time of the last 22 quarters it posted a loss.
It came despite a 2.3 percent rise in its operating revenue and continued cost-cutting efforts. Postal officials have said repeatedly they need comprehensive legislation that includes more control over personnel and benefit costs and more flexibility in pricing. Though various legislative proposals have been advanced, Congress has not passed a bill with the requested changes.
The Postal Service is an independent agency that receives no tax dollars for its day-to-day operations but is subject to congressional control.
