“Earlier on, this afternoon, a subset of GO customers experienced a distributed denial-of-service (DDoS) attack that affected other IP traffic,” the statement sent to BM says. However, not all traffic on GO’s network was affected.

Degradation was experienced on both fixed and mobile broadband services for a short period of time. The degradation was managed due to mitigation measures kicking in to divert all traffic onto other redundant links, GO describes the events.

“GO is capable of recovering quickly due to its two submarine cables, multiple internet links and the robust DDoS mitigation system it has in place, all of which allow for full resiliency to be implemented,” the official statement sent to BM says.

The post GO ‘quickly recovers’ from DDoS causing brief technical hiccups first appeared on The Malta Business Weekly.

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.

Mr Attard is a finance professional with more than 20 years of experience in financial management, operations, and business development across banking, financial services, hospitality and real estate. At the same time, Mr Attard is a fellow of the Association of Chartered Certified Accountants and of the Malta Institute of Accountants (MIA).

He will join GO from the Corinthia Group, where he currently holds the position of Chief Financial Officer of the group’s international hotel and real estate development arm. 

Before joining Corinthia, Mr Attard held positions within Deutsche Bank’s Finance and Regional Management corporate divisions and held the office of Chief Country Officer and also CEO of the bank’s strategic investments, fund custody and treasury operations in Malta.

The statement also said that Reuben Zammit, who currently holds the CFO position, has extended the term of his employment to 30 September.

The post GO names new finance chief first appeared on The Malta Business Weekly.

“At GO, we believe that the only way to future proof Malta and to be able to handle the phenomenal growth in data, is to invest in a state-of-the-art, fibre-to-the-home network. Simply put, a fibre network delivers data to you at the speed of light. There is nothing faster in science today. GO is the only company in Malta that delivers a true fibre network right up to your living room,” said Nikhil Patil, CEO of GO Plc, when announcing the investment.

Currently more than 85,000 homes in Malta are equipped with true-fibre technology. “We are working around the clock to expedite the rollout of true fibre so that every house and business can benefit from the best technology on the market. We expect at least 100,000 homes, the equivalent of approximately 50% of Malta and Gozo, to be covered by the end of 2019, with full nationwide coverage by 2024,” the CEO added.

“Communications services are the backbone of today’s thriving economy. They underpin every sector, every industry,” Prime Minister Joseph Muscat said when the investment was announced. “Our vision can only be attained if all stakeholders pull the same rope and harness every opportunity to push Malta forward. GO has a long-standing history in its contribution to Malta’s economy. Not only has GO taken these opportunities, but it is now creating opportunities for further growth,” the prime minister added

The post GO to invest €100m in Malta’s digital infrastructure first appeared on The Malta Business Weekly.

“We are truly humbled by the unwavering support and confidence shown in the company. The response to this offering was as overwhelming as it was encouraging, and an affirmation of our ongoing commitment to ensure that our investments bring more value to all stakeholders, in particular, our shareholders,” said Nikhil Patil, CEO of GO Plc, in a company announcement issued earlier that week.

“This is another milestone in GO’s success story which reflects a forward-looking organisation that is building its future growth on strategic investments,” added Mr Patil. “Such processes allow us to reinvest in areas that will create greater value, both for our shareholders and customers, and ultimately, the economy as a whole,” he concluded.

BMIT Technologies Plc commenced its trading activity on the main regulated market of the Malta Stock Exchange on Monday, under the BMIT ticker symbol.

The post GO’s BMIT enters bourse after IPO 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.