KPN to speed up job cuts after earnings fall

Telecom company KPN said on Tuesday it will speed up its ongoing reorganisation after first quarter net profit and turnover both declined.

KPN’s operating profit fell 21% to €564m, while revenue fell 1.4% to €3.2bn. Net profit halved to €288m.
Although the results were in line with expectations, chief executive Eelco Blok said the company would now shed the planned 4,000 to 5,000 jobs by next year, rather than 2015.
‘Included in this I have set a tough but achievable target for group headquarters to reduce costs by 30%-40% by 2013,’ Blok said in a statement.

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