The loss came on income of CHF14.6 million (£11.6 million/$14.7 million/€13.1 million).

The accounts were approved last Saturday (June 1) by the governing body’s inaugural Presidents Conference.

Around 45 per cent of income came from the first payment arising from last year's Winter Olympics in Pyeongchang made by the International Olympic Committee (IOC).

According to the accounts, the first and second on-account payments from the IOC - amounting to respectively $7 million (£5.5 million/€6.2 million) and $22.56 million (£17.8 million/€20 million) were received in January and June 2018.

The balance with the third and final payment was said in the accounts to be expected after the year-end, in late March or early April 2019.

FIS revealed that the final total had not yet been communicated to it by the IOC, "as they have not completed the accounting with the Pyeongchang 2018 Organising Committee".

The governing body said the difference between the CHF6.63 million (£5.25 million/$6.66 million/€5.94 million) from this source included in 2018 income and the budgeted figure of CHF10 million (£7.9 million/$10 million/€8.9 million) could be explained by the fact that the budget attempted to incorporate all three IOC instalments, whereas at the time of finalising the accounts, only two instalments had been paid.

The IOC revealed in late March that International Federations including FIS would receive a total of $215 million (£169 million/€192 million) out of funds generated by Pyeongchang 2018.

Pyeongchang 2018 President Lee Hee-beom said last October that the Games had achieved a surplus of at least $55 million (£43.3 million/€49 million).

The full accounts are available by clicking here.