MILAN : Juventus on Thursday swung to a 17 million euro ($18 million) profit in the first half of its fiscal year, as the Italian soccer club’s return to Europe’s lucrative elite club competition Champions League boosted revenues.
The result compares with a loss of 95 million euros in the same period a year earlier. The company does not expect to post a net profit in the full year, despite a strong improvement at the operating level. Juventus’ fiscal year runs from July 1 to June 30.
Operating revenue at the Turin-based club rose 29 per cent to 224 million euros between July and December last year.
Juventus pocketed 69 million euros from Champions League’s broadcasting rights and ticket sales, which helped it to offset in part the end of its front jersey sponsorship contract with auto brand Jeep, which is yet to be replaced by a new deal.
After dominating the Italian soccer landscape for nearly a decade until 2020, Juventus was hit by an accounting scandal linked to player trading and salary payments, whose consequences included a ban on European competitions in the 2023/2024 season.
Juventus, which has been controlled by the Agnelli family for a century, has beem forced to raise around 900 million euros in capital from its shareholders over the past six years.
Juventus expects to return to a full-year net profit in the 2026-2027 financial year, a decade after it last posted an an annual net profit.
($1 = 0.9605 euros)
