BANGKOK: Internet content provider M-Web (Thailand) has laid off 41
employees, or 23 per cent of its staff of 180, citing the economic
downturn caused by the events of September 11.
The lion's share came from its internet solutions division, where 35
people lost their jobs.
Chief executive Craig White said action had to be taken after budgets
could not be sustained following the internet division's
performance.
"We were expecting better results from that team. But post-September 11
we lost contracts," he said.
"We have scaled back to a quieter market, so if it picks up, we'll grow
at an appropriate rate."
Despite not expecting to see a dramatic recovery, White said there would
be no further retrenchments.
"It is better to cut deeply initially, stretch remaining resources and
grow accordingly," he said.
M-Web, which was set up three years ago, relies on its internet
solutions division for 60 per cent of its revenue, with the remaining 40
per cent coming from advertising.
The firm recently did a deal with internet service provider KSC to offer
access to M-Web content if a user bought an internet subscription from
the ISP.
