Swansea City have announced a post-tax profit of £1.7m in the Premier League club's latest financial accounts.
The previous financial year had seen the Swans post a profit of £15.3m, although that total had been boosted by player sales totalling £21.2m.
The accounts for the year ending 31 May, 2014, saw the Welsh club's turnover increase by £31.6m to £98.7m, helped largely by a new TV rights deal.
A Deloitte report ranks Swansea the 29th highest-earning club in the world.
The Swansea City finance director, Don Keefe, said: "The board continued to invest in the playing squad during the accounting period to maintain performance standards, with notable acquisitions being Wilfried Bony and Jonjo Shelvey.
"The total cost of acquiring all new players during that year amounted to £33.4m, while an additional £6.9m was spent on new training facilities at Fairwood which became operational in February 2014.
"Some additional improvements will still be necessary to fully complete the training sites at Fairwood and Landore to the Board's satisfaction when cash flow permits.''
Next year's figures are likely to be boosted by the sale of Ivory Coast striker Bony to Premier League champions Manchester City.
The transfer fee could rise to £28m with add-ons and appearances and will earn Swansea a tidy profit on the £12m they paid to take him from Vitesse Arnhem in 2013.