Bayern Munich report record profits

German champions Bayern Munich announced record turnover Wednesday of 750.4 million euros (USD 827m, 677m pounds) over the 2018-2019 season, with after-tax profits surging 78 percent to 52.5 million euros.

"Income from matches and TV rights has risen, and we have achieved record figures regarding sponsorship income," the club's deputy chairman Jan-Christian Dreesen said on Bayern's website.

Merchandising sales had stabilised, he added, despite declines in the sector across Europe.

Turnover was up 14.12 percent from the previous year while profit before tax rose 63 percent.

"These excellent results are all the more astonishing given Bayern, despite winning the German Cup, were eliminated at a very early stage of the lucrative Champions League," said economic daily Handelsblatt.

Turnover still trails Spanish giants Barcelona, with figures approaching one billion euros while turnover at Real Madrid stands at 757 million excluding transfers.

Top English clubs have yet to report their results for the last financial period by the Premier League's richest club, Manchester united, reported record turnover of 580 million pounds in 2018.