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Juventus more than halved their net loss to €9.8m in the first half of 2004/2005 from €22.5m, it said on Friday.

“Considering the economic and asset trends for the first six months of the financial year and the information available today, the entire 2004-5 financial year should show a negative net result,” Juventus said in a statement.

The club closed the transfer season to the end of January with a loss of €43.7m, largely due to spending €102.m on players such as Sweden striker Zlatan Ibrahimovic and Italy defender Fabio Cannavaro before the start of the season.

The club revealed that first-half revenues rose 6.5 percent to €95.5m while operating costs rose 6.8 percent to €88.5M, giving it an operating margin of €7M.

Juventus said the increase in revenue came from higher telephone, radio and television rights.

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