Bayern Munich have announced that their turnover rose to €657.4m (£583.4m) for the financial year covering the 2017-18 season.

The Bavarian giants registered a profit before tax of €46.2m (£41m) and said their annual net profit of €29.5m (£26.2m) after tax is the third-highest in their 118-year history.

The news comes as the German champions have been struggling on the pitch under Niko Kovač. ​Bayern beat Werder Bremen 2-1 on Saturday as the embattled champions finally notched their first win from four ​Bundesliga attempts.

Bayern, who are chasing a record-extending seventh straight Bundesliga title, are now nine points behind leaders ​Borussia Dortmund. But the financial news from will do little to reassure Bayern fans who want to see more points than profits.

SV Werder Bremen v FC Bayern Muenchen - Bundesliga

"Our FC Bayern rests on very solid foundations," said club deputy chairman Jan-Christian Dreesen, as quoted in the ​Daily M​ail.

"This ever-increasing financial power allows us to make the necessary investment in our first-team squad to ensure we remain competitive among the footballing elite in Europe."

FC Bayern Muenchen Annual General Assembly

The figures are driven by income from sponsorship and marketing (€189.4m), match operations (€172.7m), merchandising (€91.8m) and transfer fees (€28.2m).

The club's biggest expense was personnel costs at €302.5m, up from €264.9m last year.