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Manchester United reports USD32.5m profit in Q1  Join our daily free Newsletter

MENAFN - 15/11/2012

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(MENAFN) English top-tier Manchester United Plc reported a quarterly profit, helped by USD42.1 million tax credit, Bloomberg reported.

The club said it made USD32.54 million net profit during its fiscal first quarter, versus USD7.94 million a year-earlier period.

The club also reported a 3.4 percent increase in quarterly revenue to USD121.1 million from a year earlier, as the team entered 10 new sponsorship deals and hosted nine Olympic soccer matches at its Old Trafford stadium.

"Manchester United had a record first quarter, driven by our commercial operation, which continues to experience extremely strong global revenue growth in new media and mobile, retail merchandising and sponsorship," Executive Vice Chairman Ed Woodward said in the earnings statement.

The club also said that it had successfully shrunk its debt 17 percent to USD570.9 million, while cash and equivalents fell 19 percent to USD83.3 million.

 






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