Hibernian reports loss

The Premier League club has reported a £1.9m loss for the year ending 31 July 2004, compared to a £1.7m profit in the corresponding period to the end of 2003. The loss is attributed to the absence of any income generated from player sales, but despite of the loss, the club reduced the overall debt from £16m to £10m, by the sale of land property near to the stadium. The club also managed to significantly reduce its salary bill with wages-to-turnover from 72% to 57%."The club has achieved significant progress in a difficult financial environment,” managing director Rod Petrie commented media.