in 2002 to about $28 million in 2003. Developments since 2005 In a 2005 article, La Capital proclaimed that PASA had "woken up", with its three Chilean malls fully occupied, the success of Boulevard Gastronómico, a strong financial structure, many new projects for the next two years, and intentions to enter the retail market. The company was planning to construct 40 new Boulevard sites, a $20 million office real-estate project, remodel Arauco Maipú, build, in alliance with the Almacenes Paris and Ripley, a new commercial center in Curicó, and possibly financing retail businesses. He told the magazine, however, that the shopping mall market was saturated in Santiago and that PASA was not interested in entering "the war for square meters." Indeed, he voiced his belief that only three or four malls in Chile generated enough business to justify the level of investment that had been made in them. In Argentina, besides participating in the construction of Alto Rosario, PASA was preparing to increase its stake in APSA from 27% to 32% with the impending conversion of $200 million in convertible bonds to common stock. In 2004, PASA reported net profits of CLP 7.56 billion on revenues of CLP 24.89 billion. The company's long-term debt was CLP 101.92 billion at the end of 2004. Notes Companies listed on the Santiago Stock Exchange Shopping malls in Chile Real estate companies of Chile 1979 establishments in Chile Retail companies of Chile Companies based in Santiago Companies established in 1979