USPS finances improved this year, but not enough to offset $5 billion in losses, according to the Postal Service’s 2013 Annual Report to Congress.
Despite “challenging marketplace conditions and an inflexible business model,” USPS reported revenues increased nearly $800 million in 2013. Expenses were reduced by $900 million, while enhanced Priority Mail offerings helped the package delivery business grow 8 percent.
The Postal Service also cut losses from “ongoing business activities from $2.5 billion in 2012 to $1.0 billion in 2013.” However, cost reductions and increased revenue weren’t enough to offset $5 billion in net losses.
USPS said congressional action is necessary to help solve its financial problems.