Deutsche Bahn €470 Million in the Red in 2003

Germany's rail operator, Deutsche Bahn, lost €470 million ($576 million) in 2003, according to media reports on Thursday. The Handelsblatt business daily pointed to the company's failed attempt to introduce a new pricing system as the chief reason for the losses. A Deutsche Bahn spokesperson refused to comment on the reports, saying a statement would be made on Friday when company CEO Hartmut Mehdorn presents company's annual report. Earlier, Mehdorn announced that Deutsche Bahn's passenger numbers had started to recover in February from a downward trend and that the company was on the way to recovery.