Arsenal's decision to sell Cesc Fabregas and Samir Nasri helped them report a huge pre-tax profit of £49.5 million for the six months to the end of November.
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Arsenal, who lost £6.1 million over the same period in 2010, might have made only a small profit but for the controversial departures of Fabregas and Nasri last summer for a reported £54 million.
Arsenal enjoyed an overall profit on player trading of £46.1 million, having made a loss of £5.9 million the previous year.
They made £63 million overall in player sales, while there was an investment of £74.7 million in new arrivals and contract extensions, the cost of both being spread evenly over the length of an individual's deal.
Arsenal's cash reserves also swelled to £115.2 million, up from £110.4 million, with their turnover from football rising to £113.5 million from £97.6 million.
Chairman Peter Hill-Wood told the club's official website: "We are proud of Arsenal's record and consistency over many seasons and have the foundations in place, at every level of the club, to ensure we remain a force in the seasons ahead.''