Net income for the six months ended November 30 was £2.23million ($4.22 million) compared with a loss of £4.9million a year ago.
Operating expenses fell 22 per cent due to player sales.
“The results for the period are sound and show the group to be in a very satisfactory financial position,'” chairman Peter Hill-Wood said in the statement.
Six-month revenue declined 7.3 per cent to £49.6million from £53.5million the previous year as the club said income declined from property development had declined.
Operating expenses, which include amortisations and player registrations, fell to £46.7million £59.6million.
Arsenal currently makes about 48 euros ($62) from each spectator on match days according to Deloitte’s recently published Football Money League, whereas league leaders Chelsea rake in 73 euros.
But the club will move to the £357million Emirates Stadium in August 2006 with a capacity of 60,000 seats - 22,500 more than its current Highbury venue. It has already sold 133 of the 150 corporate boxes available.
Emirates sponsorship worth $90million pounds will “significantly enhance” the club's revenue, Arsenal said.
The club plans to sell 25-year bonds to pay off a £260million loan to reduce costs and pay for the new stadium.
