03/21/2013 10:20 EDT | Updated 05/21/2013 05:12 EDT

FIFA reports $89M profit on $1.16BN income in 2012 account; reserves close to $1.4BN

ZURICH - FIFA has reported a profit of $89 million for 2012 and has reserves of $1.378 billion.

FIFA published accounts which showed revenue of $1.166 billion last year and spending of $1.077 billion.

The 2012 report covers the second year of a four-year financial cycle for the 2014 World Cup in Brazil.

FIFA pays no tax on commercial income from the World Cup because of its status as a not-for-profit association in Swiss law.

Blatter's salary and benefits were not detailed.

He was among FIFA leaders and executives — defined as "key management personnel" — who shared payments totalling $33.5 million.