Insider Business Cablenet: Turnover and investment growth

Cablenet: Turnover and investment growth

Cablenet’s investments in 2018 were on the rise as a result of a positive trend by consumers, according to Go Group which is a major shareholder in the Cypriot company whose goal is the further  expansion of services throughout the island.

More specifically, the Group’s expansion of operations is achieved within a highly competitive environment, according to Go’s financial report for 2018.

“Consumer behavior is in transition, driven by the increasing governance of telecommunications, information technology, media and entertainment.

That’s why data services quickly become the main telecommunication service that consumers are looking for as they seek access to the internet everywhere and at any time of the day through their devices,” says the report.

Cablenet’s network in Cyprus covers 52.8% of households and this has been expanded through the company’s long-term plan of action. This plan also includes the upgrading of systems and procedures to maintain Cablenet’s position in providing quality internet and TV services.

Specifically, the provider’s network in 2018 increased its customer base by 6.6%, serving a total of 64,665 customers.

The Group had a net income of €52.8 million for the year 2018, a decrease of €4.2 million compared to the €57 million recorded in the previous year. As explained, the decrease is due to the increase in taxes and payments made under a voluntary retirement scheme.

At the same time, Group investments amounted to €39.7 million in 2018, of which €1.9 million were from the acquisition of the remaining 49% of Kinetex, a subsidiary of BMIT Technologies Limited. Investment in real estate, plant, equipment and other assets amounted to €37.8 million.

The Group sent the message that trough these investments they want to reassure Maltese and Cypriot consumers that they can enjoy the best telecom experience.

In 2018, the group recorded revenues of €171.8 million, an increase of € 5.5 million compared to the previous year.

 

Read more:

https://in-cyprus.com/cablenet-primetel-in-agreement-over-football-broadcasts/

Top Stories

New House President asks for number of personal guards to be halved

Newly-elected House President Adamos Adamou on Thursday requested for the number of police officers personally guarding him to be reduced from 15 to eight. Adamou,...

Greece to unveil one-month plan against COVID-19 on Friday, Oct 30

Greece will introduce further restrictions to curb the spread of COVID-19, Prime Minister Kyriakos Mitsotakis said on Thursday, as further lockdowns were imposed in the...

Nicosia welcomes UN chief’s readiness for Cyprus peace talks to resume

Nicosia on Thursday welcomed the readiness of UN Secretary General Antonio Guterres to provide his good services for the resumption of talks for a...

Fierce fire at printing office in Latsia extinguished (PHOTOS)-UPDATED

A fire which broke out around 11:30am on Thursday at a printing office in the industrial area of Latsia, Nicosia, has been extinguished. This is...

Turkey condemns deadly Nice attack, foreign ministry says

The Turkish Foreign Ministry said on Thursday that it strongly condemned the deadly knife attack in the French city of Nice. In a statement, the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...