Barcelona has announced that it lost $13.5 million during a 2010-2011 season that saw it lift both the European and Spanish championships.

Even so, the Catalan giants said on Tuesday that the losses were less than the forecast $31 million.

The club said it had reduced its total debt from $624 million to $527 million over the course of last season.

While the club's expenditures grew by 10.4 percent, the club said ''for the first time in recent years'' its income growth of 14 percent outpaced its increase in spending.

It also highlighted that the transfers of Zlatan Ibrahimovic, Dmytro Chygrynskiy and Martin Caceres incurred a loss of $64 million.