Real-estate firm Omaxe today said it has fired 70 people and reduced salaries of its employees by 10 per cent on average as part of cost cutting measures, to beat the current slowdown in the property market. “We have slashed workforce by five per cent and reduced salary by an average 10 per cent,” an Omaxe spokesperson said. She said the company had laid off employees to reduce expenditure on salaries. “Salaries of all employees except those who earn Rs 10,000 or less a month have been reduced,” she said. Omaxe’s consolidated net profit declined to Rs 20.38 crore for the quarter ended September 30, 2008, from Rs 160.35 crore in the year-ago period.
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