The negative result comes on top of a $1.4 million loss in 2008.
The Power recorded a $1.5 million surplus last year, but only after the club received AFL and SANFL grants to the tune of $5million.
However, it was not all bad news for Port Adelaide, with the club's new Business Ambassadors Group raising $1.8million in its first four months.
This follows the multi-million dollar contribution made by prominent SA businessman Gordon Pickard following the Power's merger with SANFL club the Port Magpies last month.
Port Adelaide president Brett Duncanson said the club had more initiatives in place to ensure it remained financially viable in the future.
"We want to return to consistent profitability and that's what we are working towards in conjunction with our key stakeholders, the SANFL and AFL," Duncanson said.
"Importantly, we now have short, medium and long-term revenue strategies which are starting to bear fruit. We will continue to work hard with those key stakeholders to deliver substantial improvement in 2011 and beyond.
"In the short term we have still faced financial challenges and required reinvestment from our parent bodies, which we thank them for."
Port Adelaide will be able to add an automatic $2.05 million to its bottom line next year, with the club still to receive half of the $4 million funding assistance promised by the SANFL in July.
