STORY: Manchester United's problems show no sign of easing - on or off the pitch.

The English Premier League soccer giant on Wednesday reported a net loss of $7.8 million in the second quarter.

That was due to lower earnings from not participating in the more profitable Champions League, the top-tier European competition.

Club CEO Omar Berrada said in a statement on Wednesday:

"We recognise the challenges in improving our men's team's league position and we are all working hard, collectively, to achieve that."

The club currently sits 15th in the Premier League table, only three places away from the relegation zone.

In November, United switched managers in a bid to turn performances around, appointing Portugal's Ruben Amorim.

But results have seen no improvement.

The club's revenue for the quarter ending December 31 fell 12% to around $250 million.

That resulted in a net loss, compared to a profit of about $24 million a year earlier.

Even so, United expects annual profit to hit the top of its forecast range, at around $200 million, and is keeping its full-year revenue forecast unchanged.