Malaysia's Packet One cuts 100 jobs

Packet One Networks Malaysia has reportedly laid off about 100 employees which the parent company says is due to "business transformation", according to a local report.

In a PC.com Malaysia report Wednesday, Green Packet--which owns Packet One--released a statement saying its subsidiary had to lay off some employees due to its "business transformation" which aims to improve its productivity, efficiency and cost structure.

The Malaysian news site said it was tipped off by an anonymous source about the number of job cuts.
In a statement to the news site, Green Packet said P1's streamlining exercise would be completed by end-March.
"We believe the business transformation will also enable us to compete more effectively in a competitive business environment, first of all, by ensuring that we continue to offer better value at affordable prices," it said in the statement.

According to Green Packet's fourth quarter financial results for the quarter ended December 2012, Packet One contributed 82 million ringgit (US$26.4 million) to the group's revenue "with stringent cost management".

Packet One was among the mobile operators which won its bid for long-term evolution (LTE) spectrum last December.