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KAD's Nine-Month Operating Profit EUR 11.7M

Ljubljana, 24 November (STA) - The state-run Pension Fund Management (KAD) posted an operating profit of EUR 11.7m in the first nine months of the year, KAD chairman Borut Jamnik told the press on Wednesday.

Operating profit was down from almost EUR 31m in the first nine months of 2009, but the higher profit last year was a result of KAD releasing some of its provisions, according to Jamnik.

At the end of September, KAD managed EUR 1.17bn in financial assets.

Because of its obligations to the Pension and Disability Insurance Institute, the fund posted a EUR 39.2m net loss in the January-September period.

This is a significant drop compared to the EUR 17.7m in net profit made in the same period last year.

According to Jamnik, KAD's commitments to the Pension and Disability Insurance Institute, which manages Slovenia's pension system, have been increasing. This week KAD is scheduled to transfer EUR 100m to the purse.

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