MILAN (AFX) - IFIL SpA unit Juventus Football Club SpA said its net profit in the first half to Dec 31 rose to 15.4 mln eur from a loss of 15.9 mln the same period the year before thanks mainly to the sale of players, adding it expects to break even for the full-year.
Sales in the first half fell 6.9 pct to 101.5 mln eur, affected by a sharp fall in TV soccer rights and sponsorship revenues, while operating income came in at 20.2 mln from a loss of 17.2 mln a year before.
Juventus said its full-year results will be affected by the club's relegation to Serie B from Serie A.
Relegation prompted the club to launch a plan to cut costs, especially players' wages, leading to the sale of many top-flight players. The club said it expects to break even for the full-year 2006-2007.
Juventus said net debt at Dec 31 was 75.1 mln eur from 12.9 mln at Jun 30. Net assets to Dec 31 totaled 29.6 mln from 14.2 mln at Jun 30.
The club said net profits in the second quarter to Dec 31 were 3.6 mln eur from 1.4 mln the year before, while sales in the quarter were 40.1 mln from 65.3 mln the previous year. stephen.jewkes@thomson.com sj/tw COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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