Cypriot state-owned telco Cyta has revealed a EUR50 million (USD79 million) investment plan to expand its broadband operations in Greece, reports the Financial Mirror, which quotes Cyta chairman Stavros Kremmos. At the presentation of Cyta’s 2007 annual report, Kremmos announced: ‘We are already active in Greece with our own network of 700km in 13 municipalities in the northern regions of Greece covering one million population, but we want to expand more and add new services, with the first due from October 2008.’ TeleGeography’s GlobalComms datatabase notes that the Cypriot incumbent’s Greek unit Cyta Hellas won one of seven licences to build regional fixed and wireless broadband networks in December 2006, enabling it to roll out services in the northern ‘zone 5’ with an initial budget of EUR27.7 million, half of which was funded by public money. In its domestic market, Kremmos promised that Cyta will double maximum DSL bandwidths and cut broadband tariffs in half, and will introduce a host of new services, mostly aimed at business clients.
In 2007, Cyta reported a 39% rise in consolidated net profit to EUR81.2 million, compared to EUR58.5 million in 2006, on revenues that climbed 6.5% from EUR426 million to EUR454 million. Chairman Kremmos forecast that net income in 2008 would remain roughly flat on 2007’s figure.