Interim CEO Cam Vale said the significance of the result can't be underestimated.
"This is truly an outstanding result for the club and could have only been achieved with the remarkable support of our members and fans," Vale said.
"A record profit and reduction of debt in tough economic times is a remarkable outcome and highlights revenue growth across the board and controlled football expenditure."
The club was able to reduce its debt by $1 million and increase revenue growth by $5,010,044. Operating profit was up $1,774,432 on last year.
"Our 'Box On' campaign was extremely well received and together with generous member contributions, we've been able to wipe a million dollars off our debt and are now aiming to be debt free within a few more years," Vale added.
"If we can maintain the current momentum, we will be in a position to reduce debt by a further million in 2013. Debt reduction is the last major pillar in completing the business improvements from when this current Board took over in 2008."
Vale also pointed to the club's overall growth as a key factor in the result.
"We had a near record in membership, significant Tasmania home game profits, wonderful support from the AFL's future funding model and terrific result on the field after making the finals.
"These key factors enabled us to claim a net profit turnaround of more than $1.5 million which is extremely encouraging.
"Credit must go to our players, hard working staff and football department, but most importantly, our amazing supporters.
"We are in a strong position on and off the field but must continue to work hard and continue to grow the club and brand. We will continue to focus on reducing our debt in order to spend more money on our football operations which will ultimately help us achieve a fifth premiership."
