The Adelaide Crows have posted a net profit of $122,434 for the AFL year.

The Crows, who were losing preliminary finalists in 2012, recorded a cash surplus of $1.21 million but a depreciation provision of $1.09m resulted in the profit.

Adelaide’s chief executive Steven Trigg said the financial result was pleasing in a tough environment.

“Obviously the team’s resurgence underpinned a very positive season, leading to our crowds and ticket sales being up,” Trigg said in a statement on Thursday.

“But everyone involved has worked incredibly hard in a continuing tough environment to produce outstanding results across merchandise, corporate partnerships and commercial projects.”

The Crows said they held net assets worth $18.74m.

The result was recorded before the Crows pay a $300,000 fine imposed by the AFL for breaking salary cap and draft rules regarding Kurt Tippett.

Trigg personally was fined $50,000 and banned for six months from his club role, taking effect from January 1.