FIFA makes $89 million profit on $1.16 billion income in 2012

The FIFA logo is seen at the headquarters of the soccer's world governing body in Zurich.

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ZURICH (AP) -- 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 totaling $33.5 million.

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