Cyta Hellas flags up business customer growth in yearly results

17 Jun 2014

Cypriot-owned Greek fixed line, broadband and pay-TV operator Cyta Hellas has reported that its total customer base grew by 5.2% annually in the full-year 2013 to reach 312,049 subscribers, as it posted a 2.2% increase in turnover from telecom services – although its total revenues fell slightly to EUR89.8 million (USD121.6 million) from EUR90.3 million in 2012. It recorded a gross profit (operating profit) in 2013 of EUR26.28 million (compared to EUR26.43 million the previous year), while narrowing its total net losses by 18.6% to EUR16.7 million (USD22.6 million) in the twelve-month period (and compared to losses of EUR34.4 million in 2011). Although TeleGeography notes that Cyta Hellas’ rate of total subscriber growth was significantly reduced from 25% reported in 2012, the telco said that in 2013 it attracted a higher proportion of large business customers, while in the consumer market, following the commercial launch of IPTV service ‘Cytavision’ in December 2013 it said that ‘digital television services surged, surpassing our initial predictions’. Cyta Hellas added that it will be launching business and residential packages of quadruple-play fixed line, broadband internet, TV and mobile (MVNO) services in 2014. The company also expanded its proprietary fibre-optic transmission network, which reached 4,750km. Director General of Cyta Hellas, Christos Limnatitis, commenting on the annual financial results, said: ‘Despite the significantly reduced consumption power of the Greeks because of the ongoing economic crisis, the demand for services remained buoyant.’ The telco also noted that its workforce increased by 2.9% in 2013.

Greece, Cyta Hellas