The figures recorded represent the first 'bottom line loss' in seven years for the club but Petrie insists Hibs are not in financial trouble.
"Despite the figures recorded last year, the financial position of the club is secure. Of course we are very mindful of the obvious fact that the lack of success on the field had a direct bearing on the level of turnover. The sporting outcomes for the season were not what any of us would have wished."
The deficit of £0.9million has been blamed by the club on early exists from the League Cup, the Scottish Cup and the Europa League, along with the change of manager last year when John Hughes departed.
Petrie says that cost-cutting measures have been implemented including staff redundancies.
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