The US Postal Service (USPS) announced on Tuesday that it had made a profit in the first quarter of the fiscal year, partly due to the increase in deliveries during the holiday.
The USPS said in a statement that more than 1.1 billion packages were delivered during the holiday season, contributing to the $ 318 million net revenue increase for the quarter through December 31. The agency lost $ 748 million in the same period a year ago. Total revenues rose 11.1 percent to $ 21.5 billion.
“The strong increase in package volume during the holiday quarter shows how dramatically our business and revenue mix is changing,” said Postmaster General Louis DeJoy
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The USPS found itself in a highly publicized fiscal hole, a situation that was the focus of attention during the 2020 presidential election.
DeJoy, a GOP fundraiser with links to the former President Trump
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DeJoy went on to call for broad changes in the way the USPS operates, saying it still faces an upward climb to remain consistently profitable.
“Although our positive financial results for this quarter are certainly welcome, we continue to face systemic imbalances that make our current operating model unsustainable and the economic impact of the COVID-19 pandemic will continue to cause the organization. It is essential that the Postal Service adopt comprehensive reforms so that we are able to meet the changing needs of our business and residential customers and ensure our ability to provide reliable, universal parcel and parcel delivery to all Americans. ” he said.