Moroccan telecom firm posts $ 234 mln in net profit

Moroccan telecom firm, Maroc-Telecom(IMA), posted $ 234 million in net profit in 1999.

The figure represents a 55% increase compared to 1998, said the company, which convened its governing board last week.

The firm's turnover also scored a strong growth of 15 % in 1999 over 1998, going up from $ 742 million to $ 850 million.

The growth is due to a remarkable increase in the number of subscribers to mobile and fixed phone networks and reduction of exploitation fees.

The number of subscribers to fixed phones rose to 1,841,000 in 1999 from 1,510,000 in 1998. The company's mobile phone network now covers 92 % of the country's territory.