English Premier League leaders, Arsenal posted a 54 per cent rise in first half profits on Friday while rival Premier League club Chelsea posted an annual loss of £74.8million.
Arsenal said pre-tax profit rose to £20 million in the six months to 30 November from £12.6 million a year ago. Total turnover dropped, however, to £97 million from £100.8 million a year ago as revenues from property deals fell by nearly 70 per cent.
Chelsea, currently third in Premier League, reduced its losses by seven per cent as revenues increased 25 per cent to £190.5 million. The rise was attributed to ticket and shirt sales, big money sponsorship deals and winning the FA Cup and League Cup last season.
Chelsea chief executive Peter Kenyon said: "Our long-term target of operating profit break even by 2009-10 remains ambitious but we are determined to meet it or get as close as we can”.
Since buying the club in 2003, Chelsea say Abramovich has invested nearly £580 million.
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Tags: Arsenal Chelsea
