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Morocco's property firm issues 2015 profit warning

RABAT, March 7, 2016

Moroccan property company Alliances Developpement said on Monday that its 2015 net profit would be significantly lower than its previous forecast of 226 million moroccan dirhams ($22.3 million).

That forecast was given last August when the company sold 1 billion dirhams ($102 million) in maiden bonds.

The company, in a statement, cited the economic slowdown and plans to reduce debt costs as reasons for the drop but did not give a new forecast.

In 2014 it reported a profit of close to 226 million dirhams.-Reuters




Tags: Morocco | property | warning |

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