RABAT, March 23 (Reuters) - Morocco's Office Cherifien de Phosphate (OCP), the world's leading phosphate exporter, posted a 52.8 percent fall in full-year net profit, the company said in a statement on Thursday.
State-run OCP, a major foreign currency earner for Morocco, has been hit by a slide in phosphate and fertiliser prices, prompting efforts to increase production and cut costs to counter falling revenue.
Net profit fell to 3.78 billion dirhams ($379 million) in 2016 from 8.01 billion dirhams a year earlier, the company said.
Consolidated revenues fell last year to 42.47 billion dirhams from 47.74 billion dirhams, company data showed.
OCP is also targeting an increase in fertiliser production to 12 million tonnes to become the world's leading producer.
(Reporting by Samia Errazzouki; Editing by David Goodman) ((Aidan.Lewis@thomsonreuters.com ; +216-29850352;))
