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Telecommunications Street P.O.Box 24929, 1396 Nicosia Telephone: +357 22 701520 Telefax: +357 22 701185 e-mail: pr@cyta.com.cy |
Press Release: 57/2002 CYTA 2001: Dynamic, Competitive, Providing Greater Quality
Presentation of the Annual Report"Our Organisation is charting an impressive course, because we have the will, the methodology, confidence and determination. We are continuing to build a robust, modern and technologically advanced organisation, in accordance with our ambitious development project. We are constantly enriching our portfolio of services, we provide the cheapest telephony in the European Union, we are upgrading our networks, and all the while increasing productivity. WE ARE ADAPTING. WE ARE INNOVATING. The words COMPETITIVENESS and FLEXIBILITY have pride of place in our daily vocabulary. This is what the rules of the game demand and this is what we are doing."
These were just some of the points made by CYTA Chairman Stathis Papadakis in an address during the presentation of the Organisation’s 2001 Annual Report today, July 16, at the Forum Intercontinental Hotel in Nicosia.
The Minister of Communications and Works Averof Neophytou, party representatives, Members of the House of Representatives, senior officials from both the public and private sectors, and media representatives attended the presentation.
Referring to CYTA’s achievements during 2001, the Chairman noted the Organisation’s increased productivity, the provision of new services and products, the implementation of a modern pricing policy, the modernisation of the network, the upgrading and enhancing of customer service and the declaration of 2001 as a Year of Quality. Moreover he also noted that the Organisation’s 40th Anniversary celebrations during 2001 had enabled CYTA to leave its mark on and contribute to the island’s social life in various ways.
In his remarks about the financial results for 2001, which he described as highly satisfactory, the Chairman noted that "Due to increased productivity and efficiency, and to the expansion of the range of services it provides, CYTA succeeded in making drastic reductions to mobile telephony and international call rates while reporting very good financial results", and he referred to a £31 million (17%) increase in turnover. While adding that "The pre-tax surplus for 2001 was £78 million (£60 million after tax) compared with a surplus of £91 million (£64 million after tax) in 2000", Mr Papadakis made a point of stating that "CYTA considers that its current available funds are essential for the financing of its medium-term development project, the cost of which is estimated at between £360 million and £500 million, including the cost of licences for operating networks and bandwidth usage in a competitive environment which will bring about a reduction in revenue and an increase in operating costs."
The CYTA Chairman also referred to the "significant development" of the appointment of the Commissioner for the Regulation of Telecommunications and Posts, "which marks not only the gradual removal of CYTA’s regulatory authority but also the imminent granting of licenses for the provision of mobile telephone services, something that will radically change the island’s telecommunications sector." He stressed once again that, "Now, more than ever, it is imperative that the legislation to change CYTA’s legal framework be approved, together with the immediate corporatisation of the Organisation. CYTA will be obliged to compete with private enterprises with great experience in the open market. Our ultimate aim is to strengthen the Organisation so that it will not only survive but continue to expand. For this plan to succeed and for CYTA to be able to operate with the same freedom as its competitors, it has to be corporatised."
Expressing thanks to all who have contributed to CYTA’s success, the Chairman stated frankly and unequivocally his conviction that "The State must give CYTA the chance to survive and to realise its Vision of becoming the most competitive business enterprise in Cyprus." And he added: "It is our desire to cater fully to the needs of the Cypriot consumer and to be viewed as a model business in our sector by those inside and outside Cyprus. Only in this way shall we be able to contribute substantially to the creation of a modern, European Cyprus."
Public Relations Department
July 16 2002
