GO’s pre-tax profit jumped 30 per cent last year to €20.3 million, according to the annual results re-leased yesterday.

The communications company serviced more than 500,000 customer connections last year and reported stable revenues at €122.3 million.

Costs dropped by three per cent to €99.1 million from €102.4 million in 2013. This was the result of sustained cost management.

Last year GO saw its earnings per share reach 14c4, as opposed to 11c2 in 2013.

The board of directors proposed a dividend of 7c per share net of tax.

GO chairman Deepak Padmanabhan described 2014 as an “excellent” year.

Profitability has increased due to positive results in revenue generation coupled with improving efficiency and cost control

“Profitability has in-creased due to positive results in revenue generation coupled with improving efficiency and cost control.

“This has been achieved in the context of a fiercely competitive market, constantly evolving customer expectations, and disproportionate regulation at both local and EU level, which all contribute to significant price pressure, and which have affected levels of profitability across Europe,” he said.

The company reported year-on-year growth in customer connections as growth in broadband internet, TV and mobile compensated for the decline in traditional fixed voice connections.

Throughout 2014 GO put its investment in Greek operator Forthnet up for sale at €6.6 million while in September it acquired a 25 per cent shareholding in Cablenet Systems, a Cypriot cable company operating in the eastern Mediterranean island.

The share acquisition in Cablenet was in return for an interest-free loan of €12 million, which GO extended to Cablenet over a maximum period of two years.

GO said the loan could be converted into equity, which could leave the Maltese company owning 51 per cent of Cablenet.