Hadera Paper Ltd. reported earnings results for the first quarter ended of 2012. For the quarter, a net loss of ILS 1.6 million compared with a net profit of ILS 41 million for the corresponding quarter. The company announced that it is firing 120 employees out of its 3,200 workforce. The more than half of the layoffs will be made at Hadera Paper's main plant, where its headquarters is located. Some of the layoffs include temporary employees on production lines, and others include headquarters staff and administrators. All the fired employees are employed through personal contracts, which means that management does not need to negotiation with the union, which already declared a labor dispute at the company, in response to alleged unilateral cutbacks by management in breach of collective agreements.