Opus International will cut 50 positions from its workforce in New Zealand in response to a sharp contraction in other markets.
The infrastructure manager employs 1800 people in New Zealand and has already laid off staff in the UK and Australia.
Opus says while its businesses in New Zealand and Canada are performing ahead of last year, a sharp contraction in the UK economy means the group will make less profit than expected in the first six months.
Managing director Kevin Thompson says cost-cutting will cushion that in the second half of the year, and will mean the company can maintain capabilities.
He says the company is also implementing reduced working hours and reduced salaries, in order to keep the company together in difficult times and be in a position to benefit from the upturn when conditions improve.
Mr Thompson says Opus expects to make a full year profit of between $15 million and $17 million, in line with analysts' forecasts.