Newco Rangers Football Club racked up operating losses of £1 million a month since it was founded last year.
The first set of accounts published by the company formally known as Rangers International Football Club PLC saw it make a total operating loss of £7.04m in the seven months to December 31.
But the new company posted an overall £9.52m pre-tax profit after receiving an exceptional accounting credit of £20.46m in the period.
It included a £5m ‘fair value’ adjustment in relation to the value of Ibrox Stadium and the club’s training ground, an £825,000 uplift relating to player registrations and a value of £16m placed upon the Rangers brand.
The club also raised £22.2m before expenses when it listed on the AIM market in December.
Chairman Malcolm Murray said it had been a period of “extraordinary progress” for the club as it attempted to make its way back towards the top flight.
“In my 30 years’ investment experience, I have never seen a business move from the liquidation of one company to another’s successful flotation in such a short space of time,” he said.
Chief executive Charles Green said season tickets sales for 2012/13 which have risen above 38,000 were higher than in the previous season when the old Rangers were in the SPL. He also highlighted new commercial tie-ups with Sports Direct, Puma and Blackthorn Cider as evidence the club was going in the right direction.
However, he admitted life in the Third Division had impacted on revenue streams, particularly from broadcast rights.
He said: “Operational costs, particularly staff costs and wages, have been substantially reduced over the period, although the company is not expected to report an operating profit at the year-end given the revenue stream forecasts.
“In the current financial year, our focus is firmly on rescuing the club and starting the rebuilding process in earnest.”