Wigan have announced a net loss of £7.2m for the year to May 2011 - £4m greater than the deficit in the previous 12 months.
Wages were the largest expenditure - up £500,000 to £39.9m, accounting for 78% of the club's £50.5m turnover.
However turnover itself had increased by 16%, with net debt almost unchanged at £72.2m.
Chief executive Jonathan Jackson said the club was moving towards break even, adding: "The results are encouraging."
Despite the net loss, Wigan made a profit of £4.9m in earnings before interest, tax and other associated costs were taken into account. That is the first time in five years the club has been in the black in this measure.
Transfer spending fell by £300,000 to £14.6m for the Latics,
who retained their Premier League status on the final day of last season
Player sales fell from £13.3m to £2.3m, but more than half of the club's net debt has been converted to equity and effectively written off what was owed to chairman Dave Whelan.
Wigan are now in their seventh season in the Premier League and Jackson is satisfied with the club's figures.
Jackson claims the DW Stadium club is moving towards a situation where they can manage without Whelan's backing.
He added: "By increasing turnover and controlling costs at the same levels as the previous year, the club is continuing to progress to an annual break-even position.
"We continue to strive to maintain our position in the Premier League by significant investment in the playing squad while, at the same time, employing prudent financial management to ensure the club's long-term stability.
"This position would not have been possible without the continued financial support of chairman David Whelan.
"The club cannot continue to make losses every year and we are continuing to shape all aspects of the club to ensure the long-term future remains positive both on and off the pitch."