Cyta records 64 mln euro profit for 2012

State-owned Cyprus Telecommunications Authority (Cyta) recorded profits for 2012 despite the challenging economic environment with earnings from operations amounting to 63.7 mln euros compared to 67.2 mln in 2011.
At the same time, Cyta’s outlook for 2013 are also promising, according to chairman Stathis Kittis, who noted that despite a very difficult economic environment, with negative growth rates and intense competition, Cyta managed to produce positive results.
The chairman stressed the need for change in the legal status of Cyta, which will allow it to modernise, become more productive and competitive, adding that these changes will also allow it to reduce costs.
Referring to the bailout agreement signed between the government and the Troika of international lenders, Kittis said that Cyta has never denied that structural changes that need to be made and that the number of employees must be reduced.
Asked whether it would be in the interest of Cyta’s customers for the organisation to be privatised within the next 3 to 5 years, Kittis said that this is a matter that concerns the state, not the board of Cyta.