Good News Continues as Operating Profit for First Half of Year Exceeds All of Last Year
Web News Article #: 099-2015
05/11/2015 – The Postal Service’s operating profit for the second quarter of Fiscal Year 2015 totals $313 million, according to an unaudited financial report released May 8. This puts operating profits for the first half of the year over $1.4 billion – more than all of last year’s operating profit.
Although the Postal Service sings the blues in press releases and media reports about a “fiscal hole, $90 billion deep,” there were increases in shipping and packaging volume – up 14.4 percent – compared to the same time last year.
The “hole” that USPS refers to only exists on paper. Thanks to a 2006 mandate by a lame-duck Congress, the Postal Service is required to pre-fund retiree health benefits 75 years into the future, something no other public entity or private firm is required to do.