Maroc Telecom profits up 18.5%

Maroc Telecom increased net income by 18.5%, nicely above estimates, on sales up 7.2%. The company forecast that 2009 would see a more modest 3% sales growth. The company (which represents 21% of the Moroccan stock exchange) bucked the global trend of falling prices, rising 4% yesterday and a further 1.7% today.