The club, bankrolled by Sheikh Mansour Bin Zayed Al Nahyan, a member of Abu Dhabi's ruling family, had racked up a deficit of 197.5 million pounds the previous year, the highest recorded in British soccer.
Despite remaining deep in the red, City said they were well placed to meet new financial fair play rules being introduced by UEFA to force clubs to clean up their balance sheets or risk exclusion from European competition.
The club noted that some of their spending and investment last season would be covered by exemptions under the rules being brought in by European football's governing body.
"This cycle will be key in achieving the long-held ambition for sustainability at Manchester City," he said in a statement.
Soriano is confident City's plans to build an academy for young players adjacent to their Etihad Stadium will help the club prosper.
"It is my belief this project and the long-term perspective of our owner will further differentiate the club from its competitors in the future," he added.
However, City's annual revenue fell short of the 320 million pounds generated by United last season.
However City, whose players include Argentina's Carlos Tevez and Yaya Toure of the Ivory Coast, spent more than 200 million pounds on wages and related staff costs last season.
