The Brisbane Broncos NRL club made a profit of $2.03 million in 2013, down five per cent from 2012 due to higher player wages and the cost of restructuring its football department.
The publicly listed company said revenue rose to almost $35 million in 2013 as a larger grant from the NRL, due to the code's record media rights deal, offset lower gate takings.
Match day crowds fell as the club won just 10 games in the season, its worst performance on record.
Higher revenue was outweighed by greater spending, however, which totalled almost $32 million.
Player salaries grew as the NRL salary cap was increased, and the club also spent more on its football department, making changes to personnel as a result of its poor on-field performance.
The club's majority shareholder is a subsidiary of News Corp Australia.