Mubasher: Vodafone on Thursday announced its plan to slash up to 1,200 jobs in Spain as it restructures its organisation to address a drop in revenue and profit amid fierce competition in telecoms market.

The telecommunications company said in a statement it would start consultations with labour representatives at the end of this month, in preparation to cut “a maximum of 1,200 posts” of about 5,100 in Spain.

The UK giant did not provide further details ahead of the scheduled talks with worker representatives.

“In the current market context, demand for services is increasing exponentially, but prices aren’t: close to 50% of […] memberships are associated with ‘low and medium costs’ offers,” Vodafone said.

The move comes after the company last November launched a new EUR 12-billion cost-cutting plan after it endured  hefty losses.