Maxis Bhd, one of Malaysia’s major telecommunications companies, plans to reduce its workforce by 10% as part of a cost optimisation initiative, according to Kenanga Research.
The move, revealed during a recent results briefing, aims to achieve greater operational efficiency through staff right-sizing, as reported by FMT.
The company, with 4,066 employees as of 2022, saw a 6.82% decline in net profit in Q3 FY2023 due to restructuring charges.
Kenanga added that Maxis intends to leverage automation and digitalisation for further cost savings after addressing immediate workforce adjustments.
Despite trailing consensus, the company’s 9M FY2023 results showed a 2.8% revenue increase to RM7.43 billion, driven by growth in service revenue.
