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KPN To Cut 8,000 Jobs By 2010
After posting a weak fourth quarter profit, KPN said it will cut as many as 8,000 jobs by 2010.
The job cuts will supposedly save KPN EUR 850 million a year. The cuts are a product of the modernization of the company's network, which won't require as much maintenance.
"This will have consequences for short-term profitability, but will position us strongly for today's market," he said in a statement. "Things will become simpler and cheaper, offering the opportunity to achieve significantly lower structural costs. It also means that our services can be delivered with considerably fewer people."
According to Canada.com,
"Profit was 479 million euros ($634.4 million US), down from 1.64 billion euros in the same period of 2003, mostly because of a tax break in that year.
Sales fell to 3.05 billion euros ($4.04 billion) from 3.11 billion euros, as the company's core fixed-line telephone business faced competition on its own network - and from cable and Internet telephony."
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