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Polish freight company PKP Cargo to lay off about 30% of workforce

Mateusz Rabiega
·1 min read

By Mateusz Rabiega

GDANSK (Reuters) -Poland's largest freight company PKP Cargo plans to lay off up to about 30% of its employees, it said on Wednesday, as it seeks to escape its financial difficulties.

The state-owned group, which employs about 14 thousand crew members, aims to conclude redundancies by the end of September. It said it would disclose redundancy costs in a future update.

PKP Cargo filed a court motion this week seeking approval for a restructuring process to help it contend with debt that stood at close to 3 billion zlotys ($752 million) at the end of the first quarter.

The company posted a 118.1 million zloty loss in the first three months of the year after a 44.5% slump in annual profit in 2023.

Shares in the company were up about 10.7% by 1305 GMT.

($1 = 3.9892 zlotys)

(Reporting by Mateusz RabiegaAdditional reporting by Marta MaciagEditing by David Goodman)