BUDAPEST – Hungarian air carrier Malev will lay off 400 workers, one-fifth of its total staff, to reduce costs, it said in a statement on Monday.
Malev was sold to Russia’s KrasAir last year. Its chairman is businessman Boris Abramovich, the head of the Russian AirUnion alliance.
The Hungarian company already cut its workforce by 6 percent last year.
‘As a further step and reacting to new unfavourable trends in the industry, the company continues to streamline its fleet and human resources,’ Malev said.
Malev will also withdraw five Boeing Co 737 airplanes from its scheduled flights in the winter season and rent them to other air carriers, it said.
Airlines have been hit particularly badly by soaring fuel prices this year.