The company - which hiked fares earlier this year - said it currently had no plans for further rises this year.
In its accounts for 2014-15, Translink said its balance sheet reflected a £13m reduction in funding from the Department of Regional Development.
The company is set to face further financial pain.
One consequence will be that it is unable to purchase new buses.
While profits are down, passenger numbers rose by almost 500,000.
Translink said it would take two years to return to profit.
Part of its plan involves management redundancies and cuts to bus and train services - though these are currently on hold during consultations with unions.
The accounts show a pre-tax loss of £16.6m, before accounting, or non-trading, adjustments were made.
These included pension liabilities, but more significantly a £7m charge in respect of fuel hedging resulting from the fall in the price of oil.
Fuel hedging is when companies buy fuel at prices agreed in advance.
According to the accounts, movements in the price of oil meant Translink lost out during the 12 months in question.
Public transport company Translink has recorded a trading loss of £8.4m "against a very challenging backdrop" of Stormont cuts.