The Western Bulldogs have posted a $1.8 million profit but the AFL club’s president is warning of possible financial setbacks because of COVID-19.

Bulldogs president Peter Gordon says the club’s 2020 financial result is the fifth consecutive year of profits of more than $1m.

Gordon described the 2020 result as “significantly better than we first expected when the pandemic hit”.

“We know that coronavirus could still have an impact on the club into the future and there could be further setbacks,” he said in a statement on Monday.

“We have undertaken a significant amount of planning for 2021, including considering a number of potential scenarios for the year ahead.

“This will be managed closely across the year to ensure we can again move quickly to make prudent financial decisions as required.”

The latest profit came despite the Bulldogs losing about 6000 members from last year’s total of about 44,000.

“Thirty-eight thousand of our members stood by us this year despite not being able to attend any games,” he said.

“Their loyalty played a significant role in the financial outcome we achieved.

“We understand the position of many other loyal members whose financial position did not allow them to extend their usual support.”