The Deutsche Bahn announced lower operating losses than expected Monday but remained in the red for the first half of 2004.The German rail operator reduced its pre-tax losses to €62 million ($76 million) for the first half of 2004, compared to €143 million for the same time last year. The company said first half sales declined to €11.719 billion, down 16.3 percent from €13.995 billion in 2003, as it sold off subsidiaries. Even though the company failed to meet expectations, Deutsche Bahn head Hartmut Mehdorn said he was satisfied with the results. The company said it expects positive year-end results and to improve profits in 2005. Deutsche Bahn is planning to offer stocks to the public in 2006.