Profit increase in 2004 reported of Moroccan Postal Company

According to a report of the Morocco Times, the Moroccan company in charge of postal services,government-owned Bareed Al-Maghreb, reported that its 2004 profits increased by 59%

year-on-year to MAD 118 million. As the Newspaper reports, the huge increase in net profit hasto be put into perspective as the company had to take a considerable one-time charge in 2003regarding an early-retirement program to reduce its expenses through a lower workforce. Following aboard of directors meeting, the Rabat-based company announced an annual revenue ofmore than MAD 1,237 million, which is an  9% increase compared to 2003figures. Bareed Al-Maghreb Mail volume went up by 6% in 2004, while the parcel businessincreased by 53%.