Waste management company Transpacific Industries will axe 200 jobs as it seeks to lower costs amid weakness in its manufacturing and industrial markets.
Affected staff will leave over the next two to three months as jobs are slashed across all parts of the business in Australia and New Zealand.
Chief executive Kevin Campbell said the decision to cull the workforce came after a recent review of the company's organisational structure.
"We have reduced the number of management layers in the business from an average of nine to an average of six," he said on Friday.
The announcement comes on top of 1200 job cuts announced by Telstra, Iluka and Origin Energy on Thursday.
Transpacific is accelerating its cost cutting program, advising the market on Friday it planned to take out $50 million of costs over the next three financial years to 2014/15.
This was above previous market guidance of $40 million of savings over the same period.
Mr Campbell said the company, like a lot of other firms, had been "suffering from the malaise of the lack of infrastructure projects and general downturn in manufacturing and industrial markets".
He said Transpacific's waste management businesses had been hurt by a drop-off in volumes in landfill and a product mix change in the industrial liquids market that has resulted in lower margins.
"It is our view that we won't see markets conditions differ in the second half from the first half," Mr Campbell said.
"We need to realign and re-adjust the structure of that business such that it takes advantage of the areas, like resources, that are growing."
Total waste management earnings fell 7.8 per cent in the half to $194.6 million.
The company's reported net profit for the six months to December 31 came in $42 million, more than double the $16.5 million in the prior corresponding period.
However, Transpacific said the first half result included items which directors believed should be excluded so the result was more in line with the company's ongoing operations.
Underlying net profit rose to $35.8 million from $25.2 million.
It's shares closed 10.5 cents, or 13.2 per cent, higher at 90 cents.
No dividend was declared.