August 7, 1996 in Nation/World

Postal Service Makes A Tidy Profit

Compiled From Wire Services
 

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.


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