Swansea became the first Welsh side to reach the Premier League when they beat Reading at Wembley at the end of May, and the club say the losses reflect the cost of the liabilities which arose as a result of promotion.
A club statement cites player and management bonuses, as well as having to cede their share of the Wembley gate receipts to Reading under Football League rules.
But the board are confident that increased profit from their first Premier League campaign will cancel out those losses.
A club statement said: "The accounts for the current financial year ending May 31, 2012, will be adversely affected by an increase in operating costs, particularly payroll, but our resolve is to realise sufficient profit to counter the 2010-11 loss, and our operating budgets are structured to make this happen.
"With regard to the future, our immediate goal is to consolidate our position in the Premier League and ensure we survive this season.
"Our long-term goal will cater for Swansea City remaining as a top-flight club and to continue to contribute in part to the feel good factor and prosperity in the local community.
"We will not, however, do this in any way that puts the club's financial stability at risk. This remains paramount in our management philosophy."
Swansea had made a profit of around £600,000 in the previous financial year.
