HK's Skynet to cut 10% of staff

By Bloomberg, Singapore.CNET.com
Thursday, February 01, 2001 06:54 PM
HONG KONG--Skynet International Group Holdings Ltd, which operates Web sites, said it will lay off 10 percent of its employees, becoming the latest local Internet company to scale back operations.

The company said 40 editorial employees will leave, according to spokeswoman Joyce Lam. Skynet said it plans to focus more resources on news, horse racing, and entertainment content.

The move comes as Hong Kong's Internet companies struggle to control spending. Chinadotcom Corp, an operator of Asian news Web sites, said in November it laid off 40 employees to trim costs. Tom.com Ltd, an entertainment Web site controlled by Hong Kong billionaire Li Ka-shing, dismissed 130 employees last year.

Skynet shares were unchanged at HK$0.084 at the close of trading. They fell 26 percent yesterday to their lowest point since June 22, 1999.


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