Cyprus Telecommunications Authority (Cyta) has recorded positive results for 2012 despite the challenging economic environment with its earnings from operations amounting to €63,7 million compared to €67,2 million in 2011.
At the same time, the Organization’s predictions for 2013 are also promising. The financial results of the organization were presented by Stathis Kittis, CyTA`s chairman of the board of directors, during a press conference held here today.
Kittis noted that despite a very difficult economic environment, with negative growth rates and intense competition, Cyta, with a serious and prudent management of its finances, managed to produce positive results and at the same time, to stand by the country during these crucial times of economic crisis.
CyTA`s chairman of the board of directors stressed the need for change in the legal status of Cyta, which will allow it to modernize, become more productive and competitive, adding that these changes will allow the organization to reduce its cost of operation.
Referring in particular to the new economic data and the Memorandum signed between Cyprus government and Troika lenders of 10 billion euro, Kittis said that Cyta has never denied that structural changes must be made to Cyta’s status and way it operates and that the number of employees must be reduced in order to reduce, respectively, its cost, to become modern and more productive and competitive.
He then said that Cyta is a key pillar for the development of the Republic, the economy and society, since its establishment.
He noted that Cyta is 100% Cypriot company, whose turnover and profits stay in the country, boosting employment and entrepreneurship of the country and by extension the country`s economy, while at the same time it offers job positions to Cypriot citizens.
He also said that by making huge investments in infrastructure and modernization of telecommunications, Cyta ensures the long-term prosperity and competitiveness of Cyprus, while with equity it finances its massive investments for the benefit of the consumers.
Asked whether it would be in the interest of Cyta’s customers for the organization to be privatized within the next 3 to 5 years, Kittis said that the potential privatization of Cyta is a matter that concerns the state, which will take the relevant decision and not the Board of Cyta.
He nevertheless reiterated the position of the Board that it is not in the interest of the country to privatize Cyta, explaining that it is an organization that offers to the state and which has already offered 650 million euros over the past 8-9 years.
In relation to the provision of services to the platforms for hydrocarbons drilling in the Cyprus EEZ, Kittis Cyta’s network will be connected with oceanographic companies network and that through this connection each platform will be able to communicate with the coast or with the other platforms, and internationally through its Cyta’s network.
