Madrid, Sep 7 (IANS) Record European football champions Real Madrid have announced net profits of 31.2 million euros (approximately $36.10 million) for the 2017-18 season.
The club published its accounts on its official website following a meeting of its Board of Directors on Thursday night, reports Xinhua news agency.
They show that without taking into account player transfers, the club had operating revenue of 750.9 million euros, which is 11.3 per cent higher than in the previous year.
That led to pre-tax profits of 43.0 million euros and a net profit of 31.2 million euros once tax had been taken into account, leaving the club with a cash balance of 190.1 million euros, which is 12.1 million euros higher than last year.
The club also announced that it has contributed 285.4 million euros to tax revenues and Social Security and that the revenue forecasts for the current (2018-19 season) were 752.0 million prior to the sale of assets.
2017-18 was a highly successful season for Real Madrid’s football and basketball teams, with the football team claiming the Champions League title for the third successive season, as well as the Club World Cup and the European and Spanish Supercups.
Meanwhile the basketball team won the domestic Liga ACB and the EuroLeague, although the club highlights that although these successes did mean greater income, they also brought about “greater expenses, particularly in terms of bonuses to sports personnel.”