Cablenet Communications Systems PLC recorded a loss of €2.84 million in 2020, as COVID decimated operating profits, which were down from €1.4 million in 2019 to negative €1.2 million, the company revealed in Wednesday’s financial report.

Cablenet is a subsidiary of GO PLC, which owns 61.19 per cent of the Company’s shares. It is a leading telecommunications company in Cyprus, offering internet, cable tv, mobile, and fixed telephone home services.  

In 2020, it became the first foreign registered company to issue and list bonds in Malta.

Its decline in operating profits saw the company’s gross profit decline to €16.2 million from 16.8 million in 2019, during the year, as COVID had “an exceptional impact” on the company’s profit margins.

Especially impactful, the company said, is the impact on the company’s revenue, through the issuing of credit notes to customers, higher bad debt provisions, and increased operational expenses, such as those caused by cleaning and disinfection services, employee testing, acquisition of remote working and protective equipment.

Despite the losses, the company’s “long-term strategic objective to become a national telecom operator in the fixed broadband space remains unchanged”, it said.

The company looks towards “the unveiling of [its] mobile proposition as a full Mobile service provider in 2021 will complete the foundation of [its] ambitious plan for the next business cycle”.

The company’s CEO Yiannos Michaelides commented: “I strongly believe that this, combined with Cablenet’s strong Brand equity and top talent human resource centre create a positive momentum for exceeding out goals”.

“As our lives become increasingly digital we will look for more ways to contribute in the societal and economic digital transition”, he continued.

Mr Michaelides also praised the company’s employees during the trying year, saying, “I am incredibly proud of how the Cablenet staff, as one team, rose to the incredible challenge of 2020”.