Maroc Telecom has revised its revenue outlook downward for 2011 due to a drop in call prices, Reuters reported Tuesday.
Revenues for the first half of 2011, declined 15.32 billion dirhams, or $1.94-billion, translating to a 0.8% drop from the same period last year.
Moroccan revenues declined by 1.7%, but was mitigated by growth in Maroc Telecom’s operations in Mauritania, Burkina Faso, Gabon, and Mali. The drop in revenue cut into the first-half net profits by 10.3%, which stood at 3.99 billion dirhams, or $504.7-million.
Maroc Telecom reported other positive developments, such as a subscriber base growing by 16.5% to 27.5-million, and an operating income down 8.3% from the first half of 2010. Maroc Telecom’s share price took a hit on the news, down by 1.5%.
The Moroccan government has a 30% stake in Maroc Telecom, but is planning on selling up to a 7% stake in the company, while the French company Vivendi holds 53% of Maroc Telecom.
Jahd Khalil
