Croatia's HZ Cargo eyes 177 mln kuna (24 mln euro) in savings from job cuts in 2012-2016

This year alone, the company plans to reduce stuff by 878 from the current headcount of 3,348, the government said in a statement on its website.

HZ Cargo transported a total of 8.3 million tonnes of cargo in the first nine months of 2012, down 7.7% from a year earlier, while its revenues fell 8.7% to 647.1 million kuna through September as costs edged down 0.9% to 708.6 million kuna.

HZ Cargo's loss widened to 61.4 million kuna in the first nine months of 2012 from 6.1 million kuna in the same period a year earlier, the statement said.

(1 euro = 7.5316 Croatian kuna)