Maroc Telecom posts higher H1, lifts 2008 guidance

PARIS, July 29 (Reuters) - Maroc Telecom (IAM.CS), Morocco's dominant telecoms company, posted an 11.1 percent rise in half-year operating profit to 6.7 billion dirhams ($918.2 million), and raised its outlook for the full year.

The company (IAM.PA), which is controlled by French entertainment group Vivendi (VIV.PA), said it expected revenue growth to exceed 8 percent, and a rise in earnings from operations of more than 11 percent in 2008.

Maroc Telecom made a net profit of 4.5 billion dirhams, up 17.6 percent year on year, while sales rose 10 percent to 14.3 billion dirhams.

"First-half revenues and results are showing a strong improvement, better than our forecasts, despite an increasingly competitive environment and the rise of food and energy prices," Chairman Abdeslam Ahizoune said in a statment.

Maroc Telecom competes with Meditel -- a joint venture of Spain's Telefonica (TEF.MC) and Portugal Telecom (PTC.LS) -- and Wana, which is owned by national conglomerate ONA (ONA.CS).

Maroc Telecom has fended off its nimble new rivals through heavy network investment and cut-price airtime deals that kept its client base growing fast in the country of 33 million.

Maroc Telecom stock has jumped nearly 30 percent since the start of the year, compared to a gain of about 14 percent last year. Shares shed 0.5 percent to 189 dirhams on Tuesday, giving the company a market capitalisation of about $22.6 billion. (Reporting by Marie Maitre; Editing by Paul Bolding)