BERLIN, March 16 (Reuters) - German rail operator Deutsche Bahn swung to a net profit last year thanks to cost savings, according to company documents seen by Reuters on Thursday.
The state-owned company posted a net profit of 716 million euros ($768 million) for 2016 after writedowns on its rail freight business and restructuring costs led to a 1.3 billion euro loss a year earlier, the documents showed.
Adjusted operating profit rose 11 percent to 1.95 billion euros last year, and revenues inched up 0.3 percent to 40.6 billion euros.
Deutsche Bahn declined to comment on the information, and referred to a news conference due to take place next Thursday.
In January, Deutsche Bahn Chief Executive unexpectedly resigned after eight year in charge. The company has around 20 billion euros of debt and last year received a 1 billion euro injection of taxpayers’ money.
$1 = 0.9328 euros Reporting by Markus Wacket; Writing by Madeline Chambers; Editing by Mark Potter