Sabesprev posts 2004 earnings of US$45mn

Sabesprev, the pension fund for employees of São Paulo state waterworks company Sabesp, posted 2004 net profits of 121mn reais (US$45mn), local paper Valor Econômico reported. The figure compares to a loss of 50mn reais in 2003 and turns 2004 into the best year for the fund since its foundation. Sabesprev president José Sylvio Xavier said the improvement can be mainly explained by lower administrative expenses and a better performance of its investment portfolio. For 1H05 the fund is looking to offer to its affiliates the possibility of choosing the risk profile of their pension plan (moderate, conservative or aggressive) in order to obtain improved yields, the executive said.