Hibernian have posted a loss of £900,000 before taxation for the second year running, according to financial statements.
The figures for the year ending July 31 also revealed that the club's debt has risen to £6.4million.
Hibs reported "a much lower level of player trading income," with gains down £800,000 from the previous year to £100,000.
Turnover reduced slightly to £6.9million, while staff costs fell by £700,000 to £4.1million, resulting in a wages to turnover ratio of 60%, which itself was down from 69% for the previous year.
Chairman Rod Petrie said: "The financial results for the year reflect the poor performances on the pitch almost throughout the season.
"The one sporting high of reaching the final of the Scottish Cup turned sour in the manner of the defeat.
"The club apologised to supporters for the lack of a performance on the day but now have the chance to atone for that defeat in this year's competition. It is disappointing to report a loss for the year."
Hibs finished second bottom last season but results have improved so far this term and they sit second in the Clydesdale Bank Premier League, a point behind champions Celtic.
Petrie added: "The manager has rebuilt the team. Now the club is working closely with supporters to rebuild attendances at Easter Road Stadium and improve revenues for the current year despite the economic hardship that affects everyone."
The Annual General Meeting for shareholders will be held at Easter Road on December 10.
- Sports & Recreation