Serie A champions Juventus recorded losses of 48.7 million euros ($63.9m) in the last financial year to June 2012, the company said in a statement Friday.
A year after registering losses of 95.4m euros, at the end of the 2010/2011 season, it would appear Juve are on their way back up the financial ladder, according to the ANSA news agency.
The improved news for director general Beppe Moratta comes despite the club not participating in last season's Champions League.
With 28 league titles to their name Juventus are Italy's most successful Serie A club, and won their first league championship for nine years at the end of the 2012 season.
The Turin-based club were stripped of the two titles they won in 2005 and 2006 following their role in the 'Calciopoli' match-fixing scandal.
Juventus and AC Milan are the only two Italian clubs competing in the potentially lucrative Champions League this season and begin their respective group campaigns next week away to Chelsea and at home to Anderlecht.