State-run Maroc Telecom on 12 September announced a first-half profit rise of 48 per cent, exactly three weeks before it is scheduled to issue a tender for the sale to a strategic partner of up to a 35 per cent stake in the company (MEED 16:6:00).

Maroc Telecom's net profit surged to MD 1,260 million ($114 million) in the January-June period of this year from MD 855 million ($78 million) in the corresponding period of 1999. Turnover increased to MD 5,420 million ($492 million) from MD 4,110 million ($373 million) for the first half of 2000 and 1999 respectively.

Announcing the results in Rabat, company chairman Abdeslam Ahizoune said that the 35 per cent increase in turnover was principally due to the almost doubling of subscribers in just over one year to 3 million by the end of August this year. The number of mobile phone subscribers increased by onethird between the end of June and the end of August this year alone, bringing to 1.6 million the number of Maroc Telecom mobile phone users. By contrast, fixed line subscriptions only rose by 3 per cent to 1.47 million users in June 2000. 'We are aware that the mobile phone is weakening the fixed phone market and this is a global trend. But we are opting for an aggressive marketing approach for the fixed telephone to avoid it being marginalised, ' Ahizoune said.

Earlier this month, the Privatisation Ministry set 3 October as the date for the issue of the final tender for the sale of the strategic stake in the company, to be followed later by a share offering. A team led by JP Morgan has been carefully laying the groundwork for the sale, and several international operators, including Vivendi of France, France Telecom and Telecom Italia, have expressed lively interest. This is the first year that Maroc Telecom has published its halfyear results. The move was designed as 'a transparency message' to possible future partners, Ahizoune said.