Arsenal today announced an overall loss of £6.2million for the six months up to November 30th, 2006.

The Gunners, who this season moved from Highbury to the £390million Emirates Stadium, are citing one-off exceptional costs of £21.4million relating to their new ground as the reason behind the club not making a profit.

Over the same period in 2005, the club made £9.6million profit after tax.

However, pre-tax profits before net finance charges are up year on year from £14.3million to £19.6million.

Also, operating profits before depreciation and player trading were up £150% from £8million to £20million, while group turnover rocketed by almost 77 per cent from £57million to £100.8million.

The club attribute the latter figure partly to increased gate revenue, which was due to relocating to a ground with a capacity more than a third higher than their previous home.

Chairman Peter Hill-Wood said: "As well as providing improved match-day facilities and tickets for a far greater number of the club's supporters, the Emirates Stadium project had an objective of providing Arsenal with the financial strength and resources to compete at the very highest level in all competitions.

"I believe that the results for the group's first period in its new home demonstrate that we have already achieved this milestone."

The club say they do not expect to reach their final targets for operational efficiency at the new stadium until the end of the season.