Cyta Hellas earnings up, mobile clients reach 12,700

Cyta Hellas, the wholly-owned subsidiary of the state telco Cyta that is slated for privatisation, reported a turnover of €90.49 mln for 2014, with gross profits at €29.44 mln, up from €26.28 mln the year before.

With earnings before interest, tax, depreciation and amortisation (EBITDA) rising to €2.08 million, pre-tax profits were significantly reduced by 15.2%.

Cyta Hellas General Manager Christos Limnatitis said in a statement that fixed telephony and broadband subscribers increased 3.8%, while mobile phone users increased to 12,695, with many taking advantage of the universal package combining fixed, broadband, mobile and TV (4play).

The company’s Managing Director, Yiannis Koulias, added that Cyta Hellas is the Cypriot telco’s biggest investment to date and adds value.

“We have a new business model for 2015 that is fully adjusted to the financial state and competition in the market, which will give a boost to the company and enhance our growth prospects,” Koulias said.

Source: Financial Mirror