Proximus expects most job cuts by March, meets Q4 forecasts

  • Reuters
  • Stock Market News
Proximus expects most job cuts by March, meets Q4 forecasts
Credit: © Reuters.

Feb 21 (Reuters) - Belgian telecoms operator Proximus PROX.BR said on Friday that 1,347 full-time employees have signed up for voluntary redundancies as part of its workforce reduction plan announced early last year.

The former state monopoly said the majority were due to leave by March 1 and the rest before the year-end and it expected a "very limited number of involuntary leaves."

Proximus said in January 2019 it aimed to cut 1,900 jobs, but the final plan was agreed with the unions on Dec. 9.

Belgium's largest telecoms company has cut its workforce by over 3,000 over the last 10 years as it competes with rivals Telenet TNET.BR and Orange Belgium OBEL.BR .

Reporting its fourth quarter results, Proximus posted a total underlying revenue of 1.45 billion euros ($1.56 billion), down 1.6% year-on-year but in line with a company-compiled consensus at 1.44 billion. Its underlying earnings before interest, tax, depreciation and amortization (EBITDA) fell by 0.3% to 453 million euros, also in line with forecasts of 454 million. ($1 = 0.9265 euros)

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