Niculae's wages were responsible for a large part of the loss

Inverness Caley Thistle have published their annual accounts, showing that the club has made a loss of �432,000 for the year up to the end of May.

However, chairman George Fraser says the club's performance should not be judged solely on this figure.

It follows two years profit totalling �500,000, which is a net profit of �65,000 since the club returned to play its matches in Inverness in 2005.

"We are looking forward on a positive basis," Fraser told BBC Sport.

"I think that has just got to be put into context with the previous three years' trading.

"Yes, we had a loss last year, but historically, the two years prior to that, we made a surplus of approximately �500,000, so the club is in good financial heart and going forward."

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The Highland club were promoted to Scotland's top flight in 2004 but did not play their home matches in Inverness until the following year.

Instead, Caley Thistle hosted visitors at Aberdeen's Pittodrie Stadium while the Caledonian Thistle Stadium was renovated to Scottish Premier League standard.

One of the main contributing factors towards the loss would appear to be striker Marius Niculae.

The Romanian international's wages are included in the profit and loss account, but the �275,000 share capital received to sponsor his arrival appears in another account.

Furthermore, the transfer fee of around �380,000 received for Niculae's sale to Dinamo Bucharest arrived too late for this year's accounts.