Arsenal have announced an overall loss before tax of €2.7 million in the six months to the end of November.
Arsene Wenger's side are mounting a concerted Premier League title push this season, but off the field the club have suffered a €24.4m decline in pre-tax profits compared to the same period in 2012.
Turnover from football rose from €129.5m to €166m thanks to increases in match-day income and broadcasting revenues, but significant reductions elsewhere resulted in the overall loss.
Profits on player sales were reduced by €44.8m compared to 2012, while revenue related to property owned by the club also fell by €38m.
Despite the results, chairman Chips Keswick remains positive about the future of the club both on and off the pitch.
"When I was appointed chairman last summer, there was good reason to believe that the hard work which has been put in, by many people across the club, over recent years had created the momentum for a successful season in every aspect of our activities," he said in a statement on the club's official website.
"Thus far that optimism has been well-founded. We believe we are in a strong position to take the club forward both in the short-term and beyond and to deliver future on-field success."
Arsenal have no concerns regarding Uefas Financial Fair Play (FFP) regulations and expect to meet the requirements for both the Premier League and the European governing body.