Record turnover: Bayern Munich in good financial health

MUNICH (AP) — Bayern Munich's finances remain in good health after another year of record turnover.

The Bundesliga powerhouse announced at its annual meeting on Friday that turnover rose to rose to 657.4 million euros ($744.3 million) for the financial year covering the 2017-18 season.

Operating profit was 136.5 million euros ($154.5 million), down from 149.1 million euros the season before.

The club registered profit before tax of 46.2 million euros ($52.3 million) and said its annual net profit of 29.5 million (33.4 million) after tax is the third-highest in its 118-year history.

"Our FC Bayern rests on very solid foundations," club deputy chairman Jan-Christian Dreesen said. "This ever-increasing financial power allows us to make the necessary investment in our first-team squad to ensure we remain competitive among the footballing elite in Europe."

The figures are driven by income from sponsorship and marketing (189.4 million euros, $214.4 million), match operations (172.7 million euros, $195.5 million), merchandising (91.8 million euros, $103.9 million) and transfer fees (28.2 million euros, $31.9 million).

The club's biggest expense was personnel costs at 302.5 million euros ($342.5 million), up from 264.9 million euros last year.

Bayern, chasing a record-extending seventh straight Bundesliga title, is currently underperforming in the league, where the team is anine points behind Borussia Dortmund after 12 rounds.