BERLIN, July 25 (Xinhua) -- Germany's Deutsche Bahn posted a net loss after taxes of 1.2 billion euros (1.3 billion U.S. dollars) in the first half (H1) of this year, the state-owned rail operator said on Thursday.
The loss was significantly smaller in the same period last year, at 71 million euros. Turnover in H1 2024 fell slightly by 3 percent year-on-year to 22.3 billion euros, according to Deutsche Bahn.
"The failure-prone infrastructure, high level of construction and lower punctuality had a major impact on the performance, revenues and profits of Deutsche Bahn's train operating companies in the first six months of 2024," the company said in a statement.
Germany is internationally known for its unpunctual trains. Only about 70 percent of long-distance trains reached their destination on time last year, but that figure has now dropped to 62.7 percent, according to the rail operator.
In June, while the country was hosting the UEFA Euro 2024, only around half of long-distance connections were kept on time, according to the latest data. Deutsche Bahn attributed this mainly to damages caused by flooding, which led to a record number of weather-related delays in long-distance traffic.
Despite the unpredictable damage, Transport Minister Volker Wissing found the development "absolutely unsatisfactory." The increasing delays did "not do justice to the standards we set for our country," he told public broadcaster ZDF on Thursday.
To improve the reliability of the railroads, Deutsche Bahn has begun an extensive overhaul. Over the next few years, 40 of the busiest routes will be closed for months at a time. The government is investing 40 billion euros in the project by 2027.
"We need the railroads as a climate-friendly mode of transport," Wissing said when announcing the investments last year. "But it can only fulfill this task if it is once again reliable, efficient and modern," he added. (1 euro = 1.08 U.S. dollar) ■