It reported pre-tax profits of £12.4million for the six months to 31 January, down from £26.8million a year earlier.
Matchday and commercial revenues offset the fall in media earnings, so overall sales were little changed at just over £90million.
But the club has splashed out £27million on Wayne Rooney, and also invested in recent signings Alan Smith and Gabriel Heinze.
Chief executive David Gill admitted the proposed takeover by Malcolm Glazer had disrupted the smooth running of the club’s business.
