La Liga champions Real Madrid announced on Wednesday a profit of 313,000 euros ($378,600) for the 2019/2020 financial year, down 38.1 million euros from the previous period.

Real predicted they would record revenues of 617 million euros for the coming 12 months despite the coronavirus pandemic.

"The impact of Covid-19 has led to a reaction of -13 percent (minus 106 millions euros) in income for the 2019/20 financial year," Real said in a statement.

"The club maintains a solid equity situation with a net equity of 553 million euros and treasury of 125 million euros as of 30 June...

"2020 revenues of 617 million euros are budgeted in 2020/21, around 300 million euros less than if there had been income growth as in years prior to the pandemic."

The record 13-time European champions said salary cuts helped bare the brunt of the outbreak.

"In terms of personnel costs, the players and coaches of the first Real Madrid football and basketball squads, together with the main executives of the different club divisions, have voluntarily agreed to lower their remuneration for this year by 10 percent (this reduction would have been 20 percent if the league competition could not have been completed)," the statement said.

In October, Madrid's rivals Barcelona announced they were 203 million euros down on financial expectations for the same period and had lost 97 million euros.