PRAGUE, Sept 24 (Reuters) - Czech electricity company CEZ’s coal mining business Severoceske Doly will lay off around 6 percent of staff by the end of the year in a bid to cut costs.
The move will affect around 350 people, including technicians and miners, Severoceske Doly said. The lignite miner said it would help counter the costs of rising energy prices and more frequent maintenance.
The miner employed 5,257 people at the end of 2013. It mined 23.8 million tonnes of coal last year, with most going to CEZ. It posted net profit of 2.7 billion crowns ($126.2 million) on revenue of 12.4 billion crowns.
Majority state-owned CEZ is cutting costs to cope with weaker energy markets and said in August it aimed to trim 16 percent off fixed operating costs in its budget for 2015 and 2016.
1 US dollar = 21.4000 Czech crown Reporting by Jason Hovet; Editing by Pravin Char