Patria cuts jobs in land business...

via Janes

Patria Group’s land business unit is eliminating 27 jobs, temporarily laying off 9 employees and altering the duties of 12 workers because “certain significant” export projects have been postponed, according to the Finnish aerospace and defence company.

The move follows negotiations Patria had with employees in Hämeenlinna and Tampere, the company said on 18 December. The land unit, which will be left with 230 employees after the cuts are made, builds and supports armoured wheeled vehicles and mortar systems.

Patria has been struggling financially. In October, the company said that its operating profit plunged 95.3% to EUR800,000 (USD891,875) in the first nine months of the year owing to “delays in certain international sales projects”.

Hmm.

95% profit "plunge"?  I'm surprised the job cuts aren't more extreme.  Wonder what's going on.  I always considered this a very well run company.  Am I missing something?