The Gunners have struggled to sell all of the properties in their redevelopment of Highburg and admits they got challenges ahead of them.
But the club managed to increase their profits from £20million to £24.5million for the six months ending 20th November 2008.
Arsenal chairman Peter Hill-Wood said: “Clearly there are some significant challenges ahead of us, both on and off the pitch, over the closing months of this financial year and beyond.
“We are closely monitoring the position with a view to ensuring, as we always have done, that the group is on a robust footing and ready to respond to any challenges this exceptional economic climate may bring.
“The UK property market has been particularly affected by the economic downturn and, inevitably, this has had an impact on the group’s own property development activities in the period.
“The financial arrangements for the group’s property activities are separate and largely operate independently from the financing of the football business.
“This has always been a key aspect of our financial structure for the group and is intended to provide us with the ability to develop the football team as with, for example, the signing of Andrei Arshavin, irrespective of the difficult conditions in which our property business is having to operate.
“I believe these results are all the better for having been achieved against a background of what is clearly a very difficult economic climate.”
Chief executive Ivan Gazidis added: “It does not impact the club because we never based the budgets for the club on anything that happens at Highbury and the two are ring fenced from each other.
“Obviously it is a situation we have got to monitor very closely, but it is not something that will affect the club negatively.”