Palmeiras report R$ 503.4m revenue to May but post R$ 65.9m deficit | OneFootball

Palmeiras reported total revenue of R$ 503.4 million up to May, yet an accumulated deficit of R$ 65.9 million, well short of a budgeted surplus of R$ 32.8 million for the period.

According to Globo.com, the main gap sits in “rendas diversas”, which, under a Federal Accounting Council rule, now includes proceeds from player sales. The club forecast R$ 235.7 million in this line by May but booked R$ 78 million, 33% of plan.

That left net operating revenue at R$ 395.2 million against a R$ 577 million target. Year to date, the club exceeded budget only in matchday takings, prize money and amateur departments.

An operating deficit of R$ 121.6 million was recorded to May. Financial income of R$ 108.2 million, driven by exchange-rate effects and investments, narrowed the overall shortfall.

In May alone, Palmeiras posted a deficit of R$ 30 million, close to the R$ 26.4 million budgeted. Monthly revenue was R$ 86 million, comprising R$ 81.3 million from operations and R$ 4.7 million from financial income. The club beat plan in matchday income and “rendas diversas” for the month.

Source: Globo.com