A turnover of £39.3million led to a reduced profit of £900,000, but the debt has been brought down to £11.2m.
Chief executive Mark Dodson said: “By attracting more supporters to our game we have encouraged further investment over the past 12 months.
“We have welcomed a number of new sponsors, while commercial partnerships have been developed.”
Scotland won two of their Six Nations matches earlier this year, which followed three defeats in the autumn Test series.
Glasgow Warriors were beaten in the Pro12 play-off semi-finals but Edinburgh had a disappointing league campaign and are looking for a new head coach. Both of the Scottish professional teams struggled in the Heineken Cup, with neither progressing from the pool stage.
“We have been very encouraged by the progress made by Glasgow Warriors over the last season,” added Dodson.
Dundee HSFP’s Ian Rankin was elected vice-president of the union, taking over from Donald Macleod, of Selkirk, who succeeds outgoing president Alan Lawson. In the club game, Haddington’s proposal to abandon the Championship A and B leagues’ pyramid structure to a linear one was agreed, with both divisions expanded to 12 clubs.