Newcastle have released financial figures for the year ending June 2012 which show that the club made a profit after player amortisation of £1.4million. That is significantly down on the previous year's level of £32.6million, although that was due largely to the £35million sale of striker Andy Carroll to Liverpool.
Newcastle have also re-entered the list of the world's top 20 revenue-generating clubs after increasing turnover by 5.4 per cent to £93.3million.
That figure includes a rise of 14.6 per cent in television income as a result of their fifth-placed Barclays Premier League finish, a figure which is set to be boosted further by the bumper new broadcasting deal.
However, while operating costs have remained steady at £21.6million, operating profit fell from £13.3million to £7.5million, and the club's wage bill rose by 20 per cent to £64.1million.
That represents an increase in the wages-to-turnover ratio of 8.1 per cent to 68.7 per cent.
Although attendances at St James' Park rose to an average of 49,936 during the period - an increase of 2,190 on the previous year - ticket revenue dropped by seven per cent because of a series of pricing initiatives.
Commercial revenue too was down by 12.7 per cent, although the figures do not include the Magpies' new partnership with Wonga, which they say "represents a significant increase on the club's previous commercial agreements".