Cuts will be made in administration, services, wireless ventures and the telecom business area. However it will not affect Sonera Info Communications, Sonera SmartTrust and its wireless division, Sonera Zed.

Sonera said the reductions will save the firm about EUR 50 to 60 million.

In addition to personnel expenses, Sonera will also continue to cut other expenses and to focus its business. Furthermore, the company will continue to reduce its net debt according to the plans previously announced.

Sonera aims to maintain its competitiveness and to secure the prerequisites for growth in the long term in an operating environment that has undergone changes. It is estimated that the changes will not have a substantial impact on the company's revenues trend in the near future.

The implementation of 3G mobile telephony will be delayed until 2003 according to experts at the European telecommunications congress being held in Barcelona. The conclusions reached on the first day of the conference blame the delay on the crisis in telecommunications stocks on the stock market.

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last updated: January 12, 2004

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