The Fondo de Ahorro de Panamá Releases its Audited Financial Statements for the First Quarter 2018
Panama | November 12, 2018
The Fondo de Ahorro de Panama (the “FAP” or the “Fund”) has released its audited financial statements for the first quarter of 2018 (“1Q2018”). The following are highlights of the quarter:
The cumulative gross return to 1Q2018 was -0.22%.
Deficit of income over expenses for the same period was B/. 3.8 million (Note: B/. 1.00 = 1.00 USD).
As of 1Q2018, interests and dividends have generated B/. 6.6 million.
Net assets closed the quarter at B/. 1,306.4 million.
Results for the Period
The accumulated results in the first three (3) months of the year present a deficit of income over expenses of B/. 3.8 million.
The main reasons of this results are: a) change in the monetary policy in the Federal Reserve and its raise of 25 pbs of the benchmark interest rates during the first quarter of the year; b) fears of a trade war; and c) change in equities securities valuation.
During the first quarter of the year, the Fund generated approximately B/. 6.6 million in interest and dividends, compared to the B/. 11.0 million of the same period in 2017.
At the end of the 1Q2018, FAP´s total assets were B/. 1,377.9 million. Net assets closed the quarter at B/. 1,306.4 million, compared to the B/. 1,283.9 in 1Q2017, higher by approximately 1.8% on an annual basis.
SUMMARY OF THE QUARTER
FAP´s Board of Directors approved rebalancing portfolios and strategic asset allocation of the Fund, after transferring earning of the year 2016, to the National Treasury.
The Fund published its preliminary (unaudited) fourth quarter 2017 results.
The Fund issued its 2017 Annual Report 2017 to the Ministry of Economy and Finance.
SUMMARY OF AUDITED FINANCIAL STATEMENTS
About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:
Establish a long-term savings mechanism for the Panamanian State; and
Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.
Contact: Administration, +507-394-5776/5706, email@example.com
For additional information visit www.fondoahorropanama.com