In a statement, the North London club said 40.9 million pounds had been spent on signing Lukas Podolski, Santi Cazorla and Olivier Giroud and extending the contracts of players including England internationals Theo Walcott and Jack Wilshere.
Player sales netted 42.5 million while turnover dropped from 113.5 million pounds to 106 million as a result of four fewer home fixtures compared to the same period in the previous year.
"Our ability to compete at the top of the game here and in Europe is underpinned by our financial performance which gives the club strength and independence," chairman Peter Hill-Wood said.
Arsenal fans have become increasing frustrated by their team's failure to win a trophy since the 2005 FA Cup and have urged manager Arsene Wenger to spend freely on buying top-quality players to replace Fabregas and Robin van Persie, who was sold to Manchester United last year.
