GO made a profit before tax of €34.2 million last year, up from €13.7 million in 2014, with the board recommending a dividend of 10c net of tax.

The group’s operating profit was €27.8 million, up 27.9 per cent from €21.8 million in 2014.

With over 500,000 customer connections, GO says it has by far the largest customer base of any operator in Malta. The growth in mobile, broadband and TV networks compensated for the marginal reduction in fixed-voice connections. The group said it continued to do well in its data centre business and cloud-based services.

The group generated revenue of €123.7 million (+1.2 per cent) with growth in retail activity making up for the decline in wholesale experienced as a result of what it described as “continued and disproportionate” regulation at both local and EU level.

It will continue to extend the roll out of its ‘fibre-to-the-home’ network

CEO Yiannos Michaelides said he expected GO’s fibre-powered 4G network to achieve nationwide coverage by the summer and that it would continue to extend the roll out of its ‘fibre-to-the-home’ network to more towns and villages.

The year’s results werepositively influenced by an upward revaluation of €7 million of GO’s options to acquire control of Cypriot-based broadband and TV company Cablenet, resulting from both the performance of Cablenet and the improved economic environment in Cyprus.

Earlier this year, GO gained majority control of Cablenet, which has a market twice the size of that in Malta.

The group also recently invested in Kinetix IT Solutions, which will provide an opportunity to grow business-to-business propositions.

On the other hand, because of the prevailing environment in Greece, Forgendo could not complete the sale of its shareholding in Forthnet. As a result, GO’s investment in this joint venture could no longer be classified as ‘held for sale’ and it was restated to nil.

During the financial year, GO successfully completed the spin-off of Malta Properties Company through a special dividend of €33.6 million.