Maroc Telecom’s EBITDA falls 7.4% as domestic sales slide

26 Jul 2011

Moroccan group Maroc Telecom has reported consolidated revenues of MAD15.32 billion (USD1.92 billion) in the first six months of 2011, down by 0.8% from the same period of last year, due to a 1.7% decline in revenues in its domestic market caused by intense competition. The revenue squeeze in Morocco was partly offset by 4.8% turnover growth in the group’s foreign subsidiaries’ revenues. Maroc Telecom consolidates Mauritel, Onatel, Gabon Telecom, Sotelma and Casanet in its financial statements, and since 30 June 2010 no longer consolidates Mobisud Belgique in its results.

The group’s customer base expanded to more than 27.5 million customers at 30 June 2011, an increase of 16.5% on an annual basis. This performance was the result of overall growth of 6.4% in Morocco and a 49% increase in the combined mobile customer base across its subsidiaries.

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) reached MAD8.32 billion in January-June 2011, down by 7.4%, compared with 1H10, the result of the falling turnover in Morocco. Six-month group operating income amounted to MAD6.09 billion, down 8.3% from a year earlier. Net income fell 10.3% year-on-year to MAD3.99 billion.

In the second quarter of 2011 Maroc Telecom’s group revenues amounted to MAD7.80 billion, a decline of 2.8% from Q2 2010, and operating income came to MAD3.12 billion, down 9.6% from the previous year.

Morocco,Maroc Telecom (IAM),

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