Profuturo AFP net profits down 18% in 2004

Peruvian pension fund manager Profuturo AFP reported accumulated net profits of 25.1mn nuevos soles (US$7.7mn) in 2004, an 18% drop compared to the previous year. Profuturo's operating profit fell 4% to 36.3mn nuevos soles in 2004 compared to the previous year, according to figures from local security regulator Conasev. The AFP's administrative costs rose 2% to 36.4mn nuevos soles last year compared to 2003. Profuturo's total assets dropped 3% to 81.1mn nuevos soles in 2004 while total liabilities fell 6% to 28.4mn nuevos soles. The company's equity fell 2% to 52.8mn nuevos soles. There are four AFPs operating in Peru: Profuturo, Unión Vida, Integra and Horizonte. A fifth pension fund manager, Prima AFP, is scheduled to start operations by mid-2005.