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Cyta expects slump in profits in 2012

6 Mar 2012

The state-owned Cyprus Telecommunications Authority (Cyta), which is the dominant fixed line and wireless operator in the Republic of Cyprus, is expecting to post a net profit of EUR70 million (USD92 million) in 2012, down from EUR80 million in 2011, The Cyprus Mail reports. Concerns have also been raised over Cyta’s exposure to economic troubles in Greece via its Cyta Hellas subsidiary. Cyta Hellas claims to be ‘the fastest growing telecommunications provider in Greece’, with 255,000 broadband internet subscribers at the end of 2011.

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