Telefonica Czech Unit to slash 10% of workforce in 2013 in restructuring drive.

By bne IntelliNews January 22, 2013
Telefonica Czech Republic, the country's biggest telecommunications company, plans to cut up to 10% of its nearly 5,900 staff this year as part of a restructuring programme, CTK news agency reported citing company spokesman Hany Farghali. The announcement confirms earlier media reports that the company is planning more job cuts after it reduced its workforce by 11% in 2012 as it struggles with declining revenue in a highly competitive market. Ctirad Volek, head of personnel at Telefonica, told Dow Jones Newswires that the job cuts will be made mainly in loss-making units that are not expected to be become profitable. Telefonica CR reported a 13.7% annual drop in its net profit to CZK 5.02bn in the first nine months of 2012 due to shrinking revenues in both the fixed-line and mobile businesses. Telefonica CR is the Czech Republic's largest telecommunications company providing services to 5.024mn mobile users and 1.519mn fixed-line clients as of end-Sept 2012. The company is 69% owned by Spain's Telefonica SA, Europe's second-largest phone company.

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