Rangers have cut their operating losses by £4.15m year-on-year, according to the club's latest financial figures.

The Ibrox side released unaudited financial results on Monday alongside a statement from chairman Dave King, a year after he took over at the club.

The figures revealed that in the six months to December 31, 2015, Rangers reduced operating losses from £4.438m in the same six-month period in 2014 to £288,000.

Operating expenses also fell by £2.2m over the same period from £13.952m to £11.757m - about £367,000 a month.

Rangers also made £127,000 in their share of income as part of the club's retail deal with Sports Direct.

Lawyers for Rangers read a profit and loss statement dated December 31, 2015 during a court case at Glasgow Sheriff Court in January.

It showed half-year losses were significantly reduced to £500,000, down from £2.6m at the same point in 2014.

That figure differs from the one released on Monday as losses from Rangers Retail have not been included in the provision of the accounts as it is no longer a subsidiary of Rangers.

Mr King said: "We have, for the first time in a number of years, a solid, stable board and we are more financially secure following years of reckless decisions and spending. The pursuit of personal interest and greed is now a thing of the past.

"Many of the clubs in the Premiership will also be hoping Rangers is promoted because Scottish football has suffered on many levels since our club went down to the bottom division.

"It is also well documented that, after replacing the board last March, we inherited a number of legacy issues.

"All of these have been addressed. Some were capable of being resolved immediately but others require longer-term remedies.

"In particular, the arrangements with Sports Direct remain problematic. The club and I were compelled to deal with a number of legal attacks from Sports Direct in its attempt to reassert the dominant relationship that it enjoyed prior to regime change.

"It is unfortunate that it required the repayment of the expensive so-called "interest-free" loan before we were able to give notice on the agreement with Sports Direct or to take legal action to protect the club’s interests and seek restitution.

"This bizarre state of affairs was caused by poorly-negotiated agreements prior to regime change during which personal interest was put ahead of those of the club."

The financial report states: "The results for the period are encouraging and are indicative of the continuation of a return to financial stability for the club. Revenue has increased significantly across many aspects of the business.

"Overall it is an encouraging financial performance but this marks only the start of the recovery. The loss of control over Rangers Retail Limited on 27 January 2015 resulted in the financial performance of the retail business being shown separately from the football club operations.

"This is shown as 'discontinued operations', with adjustments made to prior year figures to ensure comparable presentation.

"Revenue for the period was £11m, an overall increase of £1.9m over the comparative period. This was mainly a result of enhanced attendances increasing ticketing and hospitality revenue by £3.3m.

"The club is well on its way to achieving a sustainable business model while continuing to invest in infrastructure and the player squad.

"Reliance is still placed on shareholders to fund the shortfall that is required during the current rebuilding phase. The total interest free funds provided by shareholders at December 2015 is £9.25m.

"Additional funds have been committed to cover the balance of the financial year to June 2016."