The graph below shows the reported profits of Celtic.
As you can see these are actually losses, but losses which are getting smaller every year. A target is to break even each year, before you took in to account the depreciation and the amortisation. The amortisation is explained here, the depreciation, shown here, can be viewed as the cost of the ground. The reason the board want to ignore these is that there's not much that can be done about them, in particular the ground costs.
The 2007 figures are probably exceptional, and the club suggest this, but they are nonetheless fantastic. Included in the year is money spentn on players, and the development of Lennoxtown.
