Czech Telefonica to cut around 10 pct of staff in 2014

PRAGUE Mon Jan 20, 2014 2:24am EST

PRAGUE Jan 20 (Reuters) - Telefonica Czech Republic plans to lay off around 10 percent of its workforce in 2014 as part of an ongoing restructuring, the Czech telecommunications company said.

It employed 5,622 people at the end of September, down 12 percent year-on-year following a similar plan to reduce staff in 2013.

Telefonica CR reported a 24 percent drop in net profit in the third quarter to 1.35 billion crowns ($66.63 million), hit by declining mobile and fixed-line revenue.

Czech investment group PPF is concluding a deal agreed in November to acquire a majority stake in Telefonica CR from its Spanish parent company Telefonica. ($1 = 20.2622 Czech crowns) (Reporting by Jason Hovet; editing by Tom Pfeiffer)