Maroc telecom revised its revenue outlook for 2011 to not expect a rise in revenue for 2011, Reuters reported Tuesday. In a statement the company said it expects a slight decline in revenues due to lower prices in Morocco. Revenues for the first half of 2011, declined 15.32 billion dirhams, or $1.94 billion, translating to a 0.8 percent drop from the same period last year. Moroccan revenues declined 1.7 percent, but was mitigated by growth in Maroc Telecom's operations in Maurtainia, Burkina Faso, Gabon, and Mali. The drop in revenue cut into the first-half net profits by 10.3 percent, 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 percent to 27.5 million, and an operating income down 8.3 percent from the first half of 2010. Maroc telecom's share price took a hit on the news, down by 1.5 percent. The Moroccan government has a 30 percent stake in Maroc telecom, but is planning on selling up to a 7 percent stake in the company. The French company Vivendi holds 53 percent of Maroc Telecom. BM
