MILAN (AFX) - IFIL SpA unit Juventus Football Club SpA said its net swung into a profit of 11.8 mln eur in the first quarter to Sept 30, from loss of 17.3 mln, supported by player sales and lower costs.
Juventus, one of Europe's top supported clubs, was relegated in July to Italy Serie B, or the second division, after a match-rigging probe and has sold some top players and renegotiated sponsorship deals.
'In the full year, results will be influenced by the relegation to Serie B could and the second phase of the transfer season (in January), extraordinary operations, and sporting results,' it said.
The club gave no precise forecast and reiterated that it has launched cost cuts, particularly on salaries and amortisation of player rights.
In the first quarter, total sales rose to 61.5 mln eur, from 43.7 mln, including a fall in TV rights income to 12.6 mln, from 19.8 mln, and player sales rising to 38.1 mln, from 5.3 mln.
Operating costs fell to 39.4 mln eur, from 45.9 mln, including in personnel costs to 24.7 mln, from 29.2 mln, while amortisation of players fell to 5.6 mln, from 13.2 mln, it said.
In the first phase of transfers in July and August, Juventus sold players for 50.5 mln eur, made new investments for 11.8 mln, it said, adding the overall capital gain was 36.9 mln.
Juventus has applied IAS/IFRS accounting rules from start of this year.
Juventus, one of Europe's top supported clubs, was relegated in July to Italy Serie B, or the second division, after a match-rigging probe and has sold some top players and renegotiated sponsorship deals.
'In the full year, results will be influenced by the relegation to Serie B could and the second phase of the transfer season (in January), extraordinary operations, and sporting results,' it said.
The club gave no precise forecast and reiterated that it has launched cost cuts, particularly on salaries and amortisation of player rights.
In the first quarter, total sales rose to 61.5 mln eur, from 43.7 mln, including a fall in TV rights income to 12.6 mln, from 19.8 mln, and player sales rising to 38.1 mln, from 5.3 mln.
Operating costs fell to 39.4 mln eur, from 45.9 mln, including in personnel costs to 24.7 mln, from 29.2 mln, while amortisation of players fell to 5.6 mln, from 13.2 mln, it said.
In the first phase of transfers in July and August, Juventus sold players for 50.5 mln eur, made new investments for 11.8 mln, it said, adding the overall capital gain was 36.9 mln.
Juventus has applied IAS/IFRS accounting rules from start of this year.
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