 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.