Drop on all fronts
Maroc Telecom recorded a decrease by 2.5% in 9M 2017’s revenues at MAD26.020bn, affected by, both, the decline in activities in Morocco and the limited rise in international revenues (vs. 3.4% expected by our model). Indeed, the operations in the Kingdom generated 9M 2017 revenues of MAD15.316bn, down by 5.6%, yoy, as a result of lower revenues from the Mobile (-6.7%) and Fixed (-0.7%) activities in rather unfavourable regulatory and competition contexts.
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