The west Londoners are bottom of the Premier League table despite spending heavily and twice broke their own transfer record in the winter window by signing Loic Remy and Christopher Samba.
And the latest report, for the year ending 31 May 2012, a period before those deals - as well as others for Park Ji-Sung, Julio Cesar and Jose Bosingwa took place - shows a huge increase in their spending.
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With reports indicating that Samba and Remy are respectively on £100,000 and £75,000-a-week, QPR chairman Tony Fernandes admitted they are "conscious of the need for expenditure to be closely monitored and controlled", but insisted their success matched their spending last term.
"A critical driver of any club's value is its presence in the Premier League and the club achieved its key objective for the 2011-12 season, by successfully securing its Premier League status for the coming season," he said in his directors' report.
"The financial results reflect the club's focus on on-pitch success.
"There are a number of potential risks and uncertainties that could have a material impact on the group's long-term performance.
"These risks and uncertainties are monitored by the board on a regular basis."