U.S. Postal Service posts $3.1 billion loss for third quarter

The U.S. Postal Service, which predicts it may run out of cash in September, had a $3.1 billion loss in its third quarter, Chief Financial Officer Joseph Corbett said.

Revenue was $15.8 billion in the three months ended June 30, Corbett said today in Washington. The volume of first-class mail, the most profitable mail category, fell 6.4 percent.

The Postal Service, which reported a loss of $8.5 billion in its 2010 fiscal year, said in a regulatory filing last month its loss this year may expand to $9 billion as it reaches its $15 billion debt limit next month. The service said last month it could save $200 million a year by closing about 12 percent of its almost 32,000 post offices.