Middle East Economic Survey

VOL. XLVIII

No 13

28-March-2005

MOROCCO

Managem Posts $28.3Mn In Losses In 2004

Moroccos largest mining company, Managem, on 17 March announced MD239Mn ($28.3mn) of net losses in 2004, around five times the expected amount (MD50mn-$5.9mn) it predicted last June. Revenues increased by 10%, from MD1.69bn ($200mn) in 2003 to MD1.86bn ($220mn) in 2004. Managem incurred MD42.5mn ($5mn) in operating losses in 2004, compared to MD103mn ($12mn) profits in 2003. Liquidity fell...