July 28, 2020 / 11:30 AM / 16 days ago

Deutsche Bahn faces $1.6 billion writedown at Arriva unit: sources

FILE PHOTO: A rusted logo of Deutsche Bahn AG is pictured on a lorry that waits for demolition at a recycling firm in Leverkusen, Germany, March 28, 2019. REUTERS/Wolfgang Rattay

BERLIN (Reuters) - Deutsche Bahn is facing a 1.4 billion euro ($1.6 billion) writedown at its international passenger transport business Arriva, two people familiar with the matter told Reuters.

The writedown is the result a special review triggered by the coronavirus pandemic, the people said, adding Deutsche Bahn is expected to post a first-half loss before interest and tax of 1.8 billion euros.

A spokesman for Deutsche Bahn, which is scheduled to present its half-year results on July 30, declined to comment.

Reporting by Markus Wacket; writing by Christoph Steitz; editing by Thomas Seythal

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