BERLIN, March 21 (Xinhua) -- German rail operator Deutsche Bahn (DB) said on Thursday that it invested a record 7.6 billion euros (8.28 billion U.S. dollars) last year to improve the performances of the country's rail network and train fleet.
The amount represented an increase of 16 percent year-on-year, the company said.
As a result, the group posted a net loss of around 2.4 billion euros last year, more than 10 times the 227-million-euro deficit reported in 2022.
In addition to its hefty investment, DB also attributed the deficit to "burdens of inflation-related cost increases, a sharp rise in personnel expenses and multiple strikes." The company saw its revenues decline to some 45.2 billion euros last year, down 13 percent year-on-year.
"We made upfront expenditures and did more construction than ever before because we cannot delay overhauling and modernizing our infrastructure," DB's CEO Richard Lutz said.
The German government has announced an investment of 40 billion euros until 2027 to overhaul the country's rail network. Last year, only 64 percent of long-distance trains arrived on time. DB attributed the unpunctuality mainly to short-term construction activities.
In addition, months of ongoing wage disputes with recurring strikes are further straining passengers' patience. The train drivers' union GDL demands a reduction in the weekly working hours from 38 to 35 hours without loss of pay, which DB deems too high.
The two sides, however, announced last week to restart negotiations, saying they were confident that an agreement was in sight. But they have agreed on a confidentiality of the negotiation status.
As DB has expected, its revenues this year will increase to 47 billion euros, with operating profit recovering to over 1 billion euros. (1 euro = 1.09 U.S. dollars)
