TT&T lays off 10% of staff

27 Apr 2009

TT&T, Thailand’s largest provincial fixed telephony provider, will make 10% of its workforce redundant and relocate 700 staff to its broadband arm Triple T Broadband, in order to cope with worsening economic conditions, according to an anonymous staff member quoted by the Bangkok Post. TT&T’s net loss widened last year to THB2.93 billion (USD84 million), from THB2.03 billion in 2007. It expects more losses this year, because of its high interest burden and depreciation costs, and is currently undergoing a THB19.87 billion debt rehabilitation plan. Triple T Broadband posted a net profit of THB500 million in the first quarter of this year. TT&T currently holds only a 9% stake in Triple T Broadband, with the other 91% held by Jasmine International.

Thailand, Triple T Broadband (3BB)