Go is this year increasing its investment to €20 million, CEO David Kay told the annual general conference.
Mr Kay said that work is starting on a new database that coordinates the whole mobile call system, as well as on the 3G radio network, which is being replaced and expanded.
He said that despite challenges, GO's focus on innovation and on delivering a seamless quality customer experience across all its quad-play products delivered an increase in customer connections, which now amounted to more than 500,000.
The performance of each of the company's four core businesses was more than satisfactory, he said.
GO saw significant growth in the television sectoracquiring a 42 per cent market share by the end of last year and now having more than 60,000 customer connections.
These results were achieved thanks to our considerable investment in sports broadcasting, particularly the rights to Premier League and 'Serie A' football.
The switch from analog to digital this year also provided the company with an opportunity to offer its TV service to some 16,000 customers who used to rely on free-to-air channels.
Later this year, the forthcoming launch of the new IPTV service – which offered over one hundred channels - was expected to provide further uplift in this sector.
Despite a saturated market and fierce competition, GO also managed to achieve growth in the mobile sector.
Most of this growth came from the rapid increase in the mobile data market. The fixed line business also saw a marginal growth of 0.6 per cent.
Mr Kay said the company expected its fixed line customer base to decline as consumer patterns in Malta increasingly reflected those across the EU, where a quarter of the population already relied solely on mobile telephony.
In 2010, GO became the market leader in broadband with 52.6 per cent of all connections.
Malta was ranked sixth in the global annual study of the quality of broadband internet connections around the world, up from 19th three years earlier, beating countries such as the US, the UK and Germany.
Exciting plans for this year include a 1.5km project which will mean that every subscriber is no more than 1.5kms away from a fibre connection. The company is also looking with increased interest at the data warehousing and management sector.
BMIT, the data co-location company in which GO acquired a stake in 2009, delivered very positive results.
This was due to organic growth and because the e-gaming industry, which accounted for the vast majority of its turnover, has also grown.
In the meantime, GO was also setting up a business-to-business roaming hub which would seek partnerships with leading international names to offer niche services.
Mr Kay said that the challenging economic environment across all sectors of business meant improving efficiency and containing costs were strategic priorities.
A major cost component was the company's headcount: "As already stated we are working to reduce the current complement of around 1,000 employees to a figure closer to 900.
"This process can never be an easy one - nor is it one that we undertake lightly.
"We are, however, committed, to making the business as efficient as possible in order to help safeguard the long term success of the company for the sake of all its shareholders.
"Further efficiencies will be obtained as a result of our ongoing strategic investment programme and our investments in 2010 are also already yielding results," he said.
Chairman Deepak Padmanabhan said that Go's strategy was to be an innovative leader in its sector, deploying the latest and most advantageous communications technology.
This was transforming the company to one which was more future-proof, more forward-
looking and more capable of responding to market needs and conditions.
He referred to Go's results saying it registered a strong, and improved performance in the Maltese market in 2010 and 2011 was, so far, also looking encouraging.
In 2010 the Group increased turnover to €132.3 million, representing growth of seven per cent.
Operating profit was €22.8 million – more than three times the figure for 2009.
EBITDA amounted to €49.1 million, an increase of 15.4 per cent over the previous year.
GO's robust operating performance in Malta was, however, impacted by the performance of the telecommunications services provider Forthnet SA in Greece.
40.99 per cent of Forthnet was owned by Forgendo Limited, a joint venture between Go and parent company EIT.
During 2010 the investment in Forgendo negatively impacted Group results by €28.3 million, as Forthnet suffered as a result of the very challenging economic environment currently prevailing in Greece.
Although the company did continue to register growth in customer numbers and actually grew its telecommunications business, it reported reduced profitability levels in the television sector.
Both Forthnet and Forgendo also recognised impairment losses on the value of their investment with the value decreasing from €87.2 million in 2009 to €61.9 million in 2010. This followed a revaluation to reflect the current Greek economic environment and its impact on this company's outlook.
The economic situation in Greece is likely to remain difficult and the market structure highly competitive so the company was examining all available strategic options that could be in shareholders' long-term interest.
Though events in Greece had no direct impact on the business in Malta, where healthy cash flows were still being generated, a cautious outlook and prudent management of our cash reserves was an integral and important part of the company's strategy.
"This, and our cautious approach to the local market this year, has been the rationale underpinning our decision to reduce dividends for this year. The reality is that even in the local context it is becoming increasingly difficult to maintain the comfortable margins that telecommunications enjoyed in the past, when there was little competition and high levels of growth, Mr Padmanabhan said.
Mr Padmanabhan said that three per cent of all traffic on the internet was being generated from laptops or smartphones and, with a 650 per cent increase in access to social networking sites via smartphones between 2009 and 2010.
Go, he said, was committed to its previously announced major investment programme in Malta, entailing no less than €100 million over five years.
Among other projects, this includes completely upgrading the mobile network and installing the fibre optic cable to within a maximum distance of 1.5 kilometers from every home in Malta.