The club made almost £50m for the same period a year ago.
Supporters are pressing the club to invest in new players as it struggles to regain the top four place they consider it deserves.
Profit from trading players was £23.2m, compared with £46.1m for the same period a year ago.
Robin van Persie was sold to Manchester United, with players including Lukas Podolski, Santi Cazorla and Olivier Giroud joining the squad.
Arsenal’s chairman, Peter Hill-Wood, defended the club’s strategy.
He said: “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.
“We know that comes through winning trophies but also through the way we do things and that will remain our constant guide.”
The Arsenal Supporters’ Trust (AST) said the club needed to spend more: “Arsenal fans have contributed to this financial health through paying some of the highest ticket prices in world football. AST members want to see this money used for more, and better, investment in the team.”
The club has not won a trophy since 2005.
Arsenal is majority-owned by US sports billionaire Stan Kroenke.
Reprinted from BBCnews