GO bounces back to profit despite declining revenues

Maltese telco GO booked a 3.4% year-on-year decline in revenues to EUR127.16 million (USD164.35 million) for FY2012, as competition and regulatory changes ate in the telco’s top line. Operating profit for the year was EUR22.10 million, a slight increase from EUR18.44 million in 2011. Net profits for the year were EUR17.33 million after a loss of EUR50.45 million in 2011. 2011’s performance was affected by a EUR62.3 million impairment on its investment in Greek telco ForthNet as a result of an alteration in the way GO values the unit. Further, GO’s 2012 results were positively affected by a EUR11.4 million gain, the result of the sale of a piece of land at Qawra. According to sector regulator the Malta Communications Authority (MCA) GO ended the year with 187,891 wireless subscribers, equating to 34.8% of the sector, and 67,713 broadband subscribers.