Postal Service Makes A Tidy Profit
The U.S. Postal Service is about to post a profit of more than $1 billion for a second consecutive year, Postmaster General Marvin Runyon said Tuesday.
With eight weeks to go in the fiscal year, the Postal Service is $1.6 billion in the black, Runyon told the agency’s governing board, meeting in Dearborn, Mich.
As late summer normally is a period of low mail volume, the agency is likely to see a decrease in that margin, officials said. But Runyon said the post office is likely to finish the year with its second best net income in history, trailing only 1995 with a profit of $1.8 billion.
The strong performance during this two-year period has allowed the Postal Service to reduce its outstanding debt from $6 billion to $2.7 billion, Runyon said.