Excluding all one-off items, operating profit improved by €1m when compared to the 2018 results. This reinforces GO’s positive strategy, keeping a tab on its cost base while enhancing efficiencies in its operations, the service provider says.

The drop in GO’s operating profit was due to the group’s incurring of a one-off €2.4m cost relating to the IPO of BMITT, as well as its voluntary retirement scheme, the press statement says.

GO says that the investment in BMITT continues to deliver “positive results”. In the first half of the year, BMITT retained same levels of operating profit as in 2018, whereas registered a marginal decrease in profit before taxation, in particular through the adoption of IFRS16 which resulted in higher amortisation and finance charges, the press statement adds.

Moreover, in 2018, the first-time adoption of IFRS 9 resulted in a “one-time release in bad debts provisions”, which positively impacted the group, leading to an increase of €4m in administrative and other related expenses in total during the first half.

GO Plc has also seen a reduction in the cost of sales, which has improved the gross profit margin by 1.4%, the press statement says. Additionally, GO has also recently finalised its agreement on St. George’s Exchange generating an aggregate gain of €0.9m.

Cypriot subsidiary performs well

Cablenet’s — GO’s Cypriot subsidiary — revenue increased by 8.5%, EBITDA was up by 12%, pretax profit before tax increased by 4.7% and operating profit “remained stable”, the press release says. GO attributes the results to Cablenet’s continued expansion of its network and customer base; as the latter grew by more than 9% compared to 2018, now exceeding 66,685 subscribers.

Cash generation for the entire group amounted to €24.8m in the first half of the year, staying unchanged from €24.8m in 2018. GO says its cash generation enabled the group to fund investments of €16.9m — as compared to €15.5m in 2018.

As of 30 June 2019, the group had a total asset base of €313.5m which is 38.6% funded through equity, as compared to 47% in 2018. GO attributes the reduction to the increase in right-of-use assets which are financed by lease liabilities. Borrowings net of cash holdings increased from €56.5m — as of 31 December 2018 — to €59.6m — as of 30 June 2019.

With almost 100,000 homes and over 28,480 customers connected to GO’s network in Malta by the end of July, GO believes that its Fibre-to-the-Home rollout project is well on track to cover close to 120,000 homes by the end of 2019.

“These results continue to confirm that while we continue to keep our customers connected to what matters most to them, our strategy is also delivering returns to all shareholders,” said Nikhil Patil, Chief Executive Officer of GO.

“This year, we have capitalised on our popular brand Homepack and revamped our offering by allowing customers to personalise their own Homepack by choosing the services that best suit their lifestyle, a move that has been very positively received by our customers. Moreover, the significant investments that GO has made in its mobile network are leading to substantial increases in our mobile subscriber base and growth in usage of mobile data. Our investments in networks and technology will continue to drive our passion to serve customers better,” added Mr Patil.

The post GO’s operating profit drops €1.7m, revenues up €0.6m in H1 first appeared on The Malta Business Weekly.

The new flight information display system is plugged into a state-of-the-art Airport Management System (AMS), maintained by global air transport IT provider SITA. Malta airport says the new system is more flexible to customise and allows the airport to better communicate important information to passengers, such as flight status and departure gate allocation.

“With a seven million traffic milestone on the horizon, it is perhaps more important than ever to harness innovation so as to have access to real-time data to plan ahead, make timely decisions, and improve our agility in allocating the resources available in a way that enhances the airport experience for our passengers and the ease with which our team can perform certain day-to-day tasks,” said Ian Maggi, Head of Innovation and Technology at MIA.

“We have worked closely with Malta International Airport to provide a solution that helps the airport manage every aspect of its operation while providing a great experience for its passengers. It is rewarding to see this project come to fruition and the positive impact it has on the airport experience,” said Sergio Colella, SITA President Europe.

The Airport Management System provides a centralised dashboard which integrates several important modules, through which, critical landside and airside operations, including resource management, scheduling, flight information, parking and billing, are managed in an automated and intelligent manner, contributing to higher levels of efficiency and minimising human error, according to the press statement.

MIA is rolling out the Airport Management System in phases and is seen to be implemented in full by airport’s busy summer period. Malta International Airport has already launched its summer schedule featuring several new routes.

In the coming months, Malta International Airport will also be launching a new Baggage Reconciliation System, which would provide a better management system to all airport partners in the handling of checked-in luggage, thereby boosting security and preventing loss of passengers’ belongings.

The post Malta airport upgrades flight info display system first appeared on The Malta Business Weekly.

Diamond Fibra will initially be available in eight cities across Italy; Milan, Turin, Monza, Florence, Naples, Bari, Palermo, and Catania, the press statement says.

“Led by Ricardo Ruggiero, the launch of Melita Italia and Diamond Fibra blends our internet experience and customer focus with super-fast internet from the Open Fiber network and Plume’s intelligent smart home services to deliver a new level of service to Italian consumers. By delivering the fastest, most reliable and most secure internet experience on any device, Diamond Fibra is a perfect starting point for Melita Italia’s growth journey,” said Harald Roesch, CEO of Melita Ltd.

“Melita has just created the world’s first ‘modern triple play’ offering — unified and managed connectivity over fast fibre and reliable whole-home Wi-Fi, personalised parental controls & guest access, and tightly secured & protected devices. As Melita raises the bar in Italy with an unprecedented service bundle and customer experience, Plume is honoured to be partnering with such a pioneer,” Fahri Diner, Co-founder and CEO of Plume, said.

The post Melita Italia rolls out fibre services with Plume, Open Fiber first appeared on The Malta Business Weekly.

XPhone offers blockchain mode — based on XPOS — which runs aside the default Android operating system it ships with. Function X is the blockchain ecosystem behind the newly-developed XPhone. The manufacturer tags it as a next-generation internet service framework that builds on the existing internet and blockchain architecture using the most commonly-used technical solutions.

As opposed to “traditional phones” that require a centralised mobile carrier, XPhone runs independently without the need for such, Pundi X writes in a blog post published on their official Medium page in October 2018.

“We have developed our own chain which we believe will answer many of the challenges facing the many blockchain platforms today by increasing its scale, ability to publish DApps and achieve true decentralisation. It will also revolutionise the way we transmit data of all kinds: giving rise to a truly decentralised internet,” the blog post says.

FX is the native currency of the Function X blockchain and ecosystem. All services rendered in the ecosystem will be processed, transacted with, or fueled by FX, according to the plans of developers. This includes storage services and network resources on Function X which will utilise FX as the “fuel” for execution and validation of transactions, the press statement explains the underlying operations of the ecosystem.

The trading platform operates within the regulatory framework established by the European Union and Maltese government, including the Malta Virtual Financial Assets Act. The company announced the intention to apply to the Malta Financial Services Authority to become a regulated Virtual Financial Asset exchange.

In the future, Function X is scheduled to take over the role of Pundi X as a leading developer of blockchain-powered devices.

The post Blockchain phone system provider enters Bittrex trading platform first appeared on The Malta Business Weekly.

Consequently, GO discourages clients to utilise the payment and top-up terminals located in various locations around Malta & Gozo.

All payments and top-up methods are available for GO subscribers through the company’s website, as well as the recently launched mobile phone application, which is available for devices running on Android or iOs. At the same time, clients can visit GO’s retail outlets to pay bills or initiate top-up. Customers can also pay bills at Maltapost Branches.

“It is important to note that any bill payments effected on MaltaPay/Mobile Systems Ltd terminals are not recognised by GO as of 24 January 2019,” the press statement warns.

The post GO revokes payment authorisation from MaltaPay first appeared on The Malta Business Weekly.

“This acquisition complements strategic investments made in recent years to strengthen Melita’s and Malta’s offering to business clients. We see Melita as an enabler for local businesses wishing to leverage digital technologies,” says Harald Rösch, CEO of Melita Ltd. “Similarly, we provide solutions for international companies in key industries such as gaming, financial services, [distributed ledger techonolgy] DLT and [artificial intelligence] AI to ensure they consider Malta as their natural home in Europe for establishment and growth,” the head adds.

Boutique service provider Ozone was established 15 years ago and primarily specialises in B2B services, such as cloud PBX services, network infrastructure, Wi-Fi hardware and software solutions, hospitality solutions, as well as business broadband and fixed-line telephony over its wireless network.

“Backed by Melita’s state-of-the-art Data Centre, resilient international connectivity, fibre presence in business centres as well as nationwide gigabit internet and a brand new 5G ready mobile network, we are confident we are placing ourselves in a better position to offer a stronger and better service to new and existing clients,” says Robert Runza, Managing Director of Ozone.

Should the acquisition receive the green light from regulatory, the new brand will be called “Ozone by Melita Business”. The companies promise that existing clients will be ensured continuity, while Melita’s infrastructure will be leveraged to offer a wider service portfolio and improved quality of service,

“Ozone’s services portfolio complements the current offering of Melita Business and will fit in well with our approach of offering a one-stop-shop telecommunications service to business clients. Beyond the products we share a similar commitment to dedicated and quality customer support,” says Malcolm Briffa, Director of Business Services at Melita.

The post Melita to acquire Ozone local operations first appeared on The Malta Business Weekly.