Administradora de Fondos de Pensiones Provida S.A. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Reports Impairment for the Third Quarter of 2015
For the first half, the company reported revenues of CLP 148,495 million compared with CLP 136,501 million for the same period a year ago. Profit before tax was CLP 81,822 million compared with CLP 110,968 million for the same period a year ago. Profit after tax from continuing operations was CLP 247,502 million compared with CLP 90,515 million for the same period a year ago. Profit was CLP 247,502 million compared with CLP 90,515 million for the same period a year ago. Cash flow from operating activities was CLP 68,160 million compared with CLP 100,717 million for the same period a year ago. Cash flow from operations was CLP 80,778 million against CLP 77,773 million a year ago. This positive variance was primarily due to the goodwill tax benefit generated by the Merger (CLP 182,265 million), partially offset by lower mandatory investments gains (CLP 21,250 million) and foreign currency exchange differences (CLP 10,970 million). Regarding the recurring business, revenues increased by CLP 11,994 million in the first nine months of 2015 as compared to the first nine months of 2014, explained by higher fees collected (CLP 9,498 million, or 7.3%) due to higher mandatory contributions from the growth in the taxable salary base of contributors and higher revenues from voluntary pensions savings. Additionally, revenues increased by higher fees collected from AFP Genesis (Ecuador), a consolidated subsidiary of the Company.
For the quarter, the company reported impairment losses, net was CLP 28 million.