Elimination from the group phase of the Champions League and failure to retain its Premier League title cost Manchester United a hefty share of revenue in the last quarter of the 2011-12 fiscal year, but a public offering and other income sources resulted in a net income rise.
The financials were the first released since it was listed on the New York Stock Exchange last month.
Increased commercial revenue and a jersey sponsorship deal with General Motors worth $559 million that starts with the 2014-15 season are the causes of a bright financial picture portrayed despite losses in match-day and broadcast revenue. A United spokesman told the Press Association: "The results are consistent with what we expected. We strongly believe the outstanding results in the commercial sector demonstrate the huge potential the club has, and the financial outlook is very positive."