Clipper Ventures reported the loss compared to a $534,000 (EUR456,000) loss the year before.
Chairman Robin Knox-Johnston said the difficult economic environment has had an impact on the business, yet continuing operations have managed to achieve an operating profit.
He said the company is now seeing evidence that the strategic alliance with Fast Track and the focus on the core business is delivering improvements in the profitability of the company.
It has also started to see the fruit of its ‘city partnerships’ sponsorship model, with recent deals signed with Liverpool in the UK and Perth in Western Australia.
Clipper is also undertaking final negotiations with a number of other sponsor cities for the Clipper 2005 race, at a significantly higher level of sponsorship income than in previous races.
The company says it anticipates further announcements regarding these negotiations in the coming weeks.
