Chelsea did not turn a profit in the first nine years of Abramovich's ownership, and made record losses of £140m in June 2005. In November 2012, Chelsea announced a profit of £1.4 million for the year ending 30 June 2012, the first time the club had made a profit under Abramovich's ownership. This was followed by a loss in 2013 and then their highest ever profit of £18.4 million for the year to June 2014. In 2018 Chelsea announced a record after-tax profit of £62 million.