FIFA reports healthy 2003 finances
ZURICH, Switzerland -- Football world governing body FIFA have reported profits of $111.1 million for 2003.
FIFA president Sepp Blatter said he was delighted by the results for the first year of its 2003-06 World Cup cycle.
Blatter also said the results proved FIFA's financial health as it prepares to celebrate its centenary this year.
"Our finances are healthy in every respect," Blatter said in a statement.
"We can now celebrate the FIFA centennial safe in the knowledge that we have built upon our forefathers' legacy and done everything in our power to guarantee a successful future."
Blatter has revised FIFA's finances since 2002 when allegations of mismanagement surrounded his re-election campaign.
He was cleared by a Swiss court and later won damages for defamation.
Under new accounting rules, FIFA are allowed to spread out costs from money-spinning World Cup events over a four-year period.
