FIFA reports $113 million profit
ZURICH, Switzerland (Reuters) -- FIFA made a profit of 141 millon Swiss francs ($113 million) in 2003 on revenue of 712 million. to restore its financial credibility, world football's governing body said on Friday.
In a statement FIFA said it could lay claim to equity totalling 94 million and cash funds of 341 million at end-2003.
The collapse of FIFA's marketing partner ISL in 2001 and Germany's Kirch media empire in 2002 hit FIFA's finances hard.
In May 2002 it estimated it would lose 134 million in the 1999-2002 period. In April last year, it reported a surplus of 115 million for the four years which culminated in the 2002 World Cup in South Korea and Japan.
The 2003 financial statement was the first to be drawn up in accordance with International Financial Reporting Standards and has been reviewed by external auditors, FIFA said.
FIFA made its financial affairs more transparent following allegations of mismanagement which arose in the campaign for the May 2002 presidential election.
"The financial credibility of our organisation has finally been restored," said FIFA president Sepp Blatter of the 2003 results.
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