WASHINGTON (AP) -- Thanks to an aggressive campaign of cost-cutting, including a major cut in staff, the Postal Service is finishing the fiscal year in better financial condition than anticipated.
Postmaster General John E. Potter said Friday the agency expects to finish the fiscal year this month with a 1.2 billion loss.
The post office had expected to lose $1.35 billion for the year, and at times after the terrorist attacks and anthrax-by-mail contamination loss estimates threatened to reach several billion dollars.
In addition to the improvement this year, continued cost-cutting and the rate increase that took effect this summer are expected to push the post office into the black in 2003 with a profit of $600 million, he said.
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