Go plc chairman Deepak Padmanabhan reiterated the company’s commitment to continue with its €100 million, six-year investment programme when he addressed shareholders at the annual general meeting at the Hilton Malta recently.

While significant investments are ongoing, Mr Padmanabhan highlighted the importance of fair and balanced regulation as a necessity to maintain this significant investment programme in order to safeguard the interests of shareholders.

The group registered a pre-taxprofit of €17.3 million. Despite this positive performance, he acknowledged that 2012 was a challenging year for Go in view of pressure on disposable income and a telecommunications market that is highly competitive with aggressive, and sometimes almost irrational, erosion of margins and value.

Mr Padmanabhan explained that as the economic situation in Greece remains critical, the financial performance of Forthnet, the telecoms company in which Go has a stake through a joint venture, did not improve significantly in spite of Forthnet increasing its customer base. Go’s remaining exposure to Forthnet has been reduced to nil.

Chief executive officer Yiannos Michaelides highlighted how the group has embarked on a programme aimed at revamping product lines and the way Go does business with a view to ensure that Go remains the operator of choice for the majority of consumers.

Chief finance officer Edmond Brincat briefed shareholders on initiatives to extract value from the group’s extensive property portfolio.

Malta Properties Co Limited, the special-purpose vehicle established to pursue this strategy, now holds title over a portfolio valued at €50 million.