GO plc has reported a profit before tax of €20.4 million, compared to a loss of €14.1 million in the comparative period last year.

In its financial statements for the first six months, GO said it registered an operating profit of €11.4 million, an increase of €2.1 million over 2011. It also recognised a gain of €11.4 million following the sale of property in Qawra.

It said that while the 2011 results were negatively impacted by the impairment of the company’s investment in Forthnet through Forgendo, no material impairment was being recognised on this investment during the period under review.

During the period under review, the company concluded an agreement with the government through which the company acquired 11 properties for a value of €13.8 million. Concurrently GO sold the government the land in Qawra for the same amount.

The company said that the results of 2012 and the comparative period were both negatively impacted by voluntary retirement costs and pension obligations, items considered to be of an unusual nature, size or incidence.

During the period, the group’s revenue amounted to €63.6 million compared to €65.2 million in 2011, representing a decline of 2.4%, essentially the result of a combination of lower retail revenues reflecting intense competition across all product lines and lower wholesale revenues attributable to a reduction in mobile termination rates as mandated by the Malta Communications Authority.

The group’s earnings before interest, tax, depreciation and amortisation (EBITDA) and before nonrecurring costs amounted to €24.5 million, as against €26.1 million.