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UPDATE 1-Moroccan property firm Alliances Developpement returns to profit
March 31, 2017 / 8:28 AM / 9 months ago

UPDATE 1-Moroccan property firm Alliances Developpement returns to profit

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RABAT, March 31 (Reuters) - Moroccan property developer Alliances Developpement reported a net profit of 144 million dirhams ($14 million) for 2016, recovering from a record loss in 2015 after a debt restructuring.

Alliances’ debt dropped by 50 percent to 1.78 billion dirhams in 2016, the company said in a statement published in L‘Economiste newspaper on Friday.

“The results are in line with the restructuring plan,” it said.

Revenue surged by 277 percent last year to 3.56 billion dirhams, thanks to strong growth in public housing and high-end units, in addition to construction and housing projects in Ivory Coast and Cameroon.

Last year, Morocco’s stock market regulator AMMC suspended trading in Alliances Developpement shares after the property company postponed its annual results announcement, saying it wanted time to finalise its debt restructuring plan.

Alliances’ rival Addoha, Morocco’s biggest property developer by stock market value, reported an 18 percent rise in annual net profit to 1 billion dirhams on Thursday. (Reporting by Samia Errazzouki; editing by Alexander Smith and Susan Fenton)

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