Celtic have revealed a "disappointing" set of interim financial results for the final six months of last year, blaming failure to qualify for the Champions League.
And although profit before taxation rose to £7.1m from £1.3m, that was largely down to the sale of Aiden McGeady to Spartak Moscow for £9.5m, with the club warning the second part of the season would be "more challenging".
"In previous years, and again last summer, I stressed the importance to our club of financial stability and participation in Europe, and that commercial and football success cannot be separated," Celtic chairman John Reid told the club's official website. "At this time last year we knew we were facing a very difficult season, and so it proved.
"In turn, that left a legacy of setback at the beginning of the current season, in dropping out of European competition entirely at an early stage.
"But while some of the economic and financial issues that we would face as a result could be predicted, we had little inkling of other events which will undoubtedly play a large part in shaping the future of football in Scotland.
"The cold wind of economic recession, combined with the effects of the even colder Scottish winter and our early exit from Europe, are reflected in disappointing underlying trading results for the six months to 31 December, 2010."