Inversiones Aguas Metropolitanas SA reported consolidated earnings results for the first quarter ended March 31, 2012. Operating revenues amounted to CHF 108,709 million, CHF 10,477 million (10.7%) more than in the previous period, due to a larger volume of water sold, by the natural increase of its customers and increased consumption of these, plus an increase in the average tariffs associated to the accumulated positive indexing registered during 2011. EBITDA for the period amounted to CHF 73,296 million, higher by CHF 6,308 million (9.4%) as compared to the previous period. This change is mainly explained by an increase in revenue, as commented above, partly offset by the rise in costs of raw materials, justified by mitigation of drought, and other overhead costs. Net income for the period ended March 2012 reached CHF 20,741 million, compared to CHF 18,545 million for the previous year. Operating income was CHF 60,174 million against CHF 54,008 million a year ago. Earnings for the period amounted to CHF 42,130, an increase of CHF 4.839 million more than in 2011. Net cash flow from operating activities was CHF 59.246 million against CHF 45.469 million a year ago. Investment activities produced a rise in net cash flow of CHF 10,712 million (49.2%), mainly associated with the increase in the incorporation of property, plant and equipment of CHF 7,663 million (35.2%), the main investments being the Mapocho sewage treatment plant and the capitalization of interest. Net income before taxes was CHF 50,784,487,000 against CHF 46,411,798,000 a year ago. Addition of intangible assets was CHF 5,000,000 against CHF 38,297,000 a year ago. Addition of PP&E was CHF 29,446,100,000 against CHF 21,783,531,000 a year ago.