The world's richest club's loss does not include the stadium sponsorship deal with Etihad Airlines, reportedly worth 35 million pounds a year, or revenues from this season's Champions League campaign.
"Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future," chief operating officer Graham Wallace said in a club statement on Friday.
"These financial results represent the bottoming out of financial losses at Manchester City before the club is able to move towards a more sustainable position in all aspects of its operations in the years ahead."
UEFA's financial fair play rules, which aim to stop reckless spending on wages and transfer fees and come into full effect in 2013/14, say clubs must break even over three years.
City's latest figures fall outside that accounting window.
"We are cognisant of the incoming UEFA financial fair play regulations and consequently we continue to maintain positive and ongoing dialogue with all appropriate football authorities," added Wallace.
