TELECOMS: Cablenet Cyprus base growing by 9% on increased revenue

Maltese-owned Cyprus telecoms firm Cablenet has seen profits increase while its customer base expanded by 9% to over 66,500 subscribers.

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GO Plc is Malta’s leading integrated telecommunications services provider posted Cablenet’s results in its interim financial statement January – June 2019.

The group operates in Cyprus through its 51% shareholding in Cablenet which provides broadband, cable TV and telephony services to residential and business clients.

“Our subsidiary in Cyprus, Cablenet continued its positive trajectory, revenue increasing by 8.5% (€17.62 mln), EBITDA by 12%, operating profit remained stable whereas profit before tax increasing by 4.7% (€553,000),” said GO in its financial statement.

It said Cablenet continued to expand its network “thus enhancing its resiliency and the level of investment will continue “to be stepped up in the years ahead”.

“It is encouraging to note that more customers are opting for Cablenet as their preferred service provider with a customer base growing by more than 9% when compared to June 2018, now exceeding 66,685 subscribers,” said GO.

“Such sustained growth in both markets encourages the Group to persevere with its parallel investment programme in Malta and Cyprus,” it added.

Cablenet’s reportable segment assets increased to €93.53 mln from €88.88 mln while reportable segment liabilities reached €57.43 mln from €47.53 mln.