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RABAT, March 31 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
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