MADRID: Nine-time European champions Real Madrid have announced record financial figures for the 2012-13 financial year, with revenues of €520.9m ($684.2m), increased profit of €36.9m ($48.5m) and a lower debt of €90.6m ($119m).

President Florentino Perez has attempted to steady the financial ship at the Bernabeu since returning to the post in 2009 and the new figures will be seen as evidence his plan is working – on top of the financial displayed by last week’s world record €100m purchase of Gareth Bale.

A statement on the club’s official website read: “Real Madrid’s revenue totals €520.9 million, its net profit amounts to €36.9 million, and its net debt has shrunk by 27.4pc.

“Real Madrid closed the 2012-13 fiscal year with a turnover of €520.9 million, 1.3pc more than in the previous period, thus becoming the only sports entity in the world in far surpassing the €500 million revenue barrier for the second consecutive year.

“Earnings before taxes total €47.7 million, 47.8pc more than in the previous period while net profit is €36.9 million, 52.4pc above the previous fiscal year.”

The results do however highlight the season when Real were cautious in the transfer market, with their biggest transfer coming in the form of Luka Modric for €37m ($48.6m).

This year Madrid spent €182m ($239.1m) on transfers, including the record signing of Bale, along with Isco, Dani Carvajal and more.