LONDON, Feb 26 (Reuters) – Premier League team Arsenal slashed its borrowings at a time when rival clubs are struggling with rising debt and posted a 44 percent rise in first-half pretax profit.

The club said on Friday pretax profit rose to 35.2 million pounds ($54 million) in the six months to Nov. 30 from 24.5 million a year ago, boosted by proceeds from apartment sales at its Highbury Square development on the site of its previous stadium.

Arsenal, sitting third in the Premier League, relocated to the Emirates Stadium in 2006 and redeveloped its old ground as a residential complex.

The club said the sale of 261 apartments during the period generated revenue of 96.6 million. Of the 655 apartments on the site, 524 of have now been sold and proceeds from the sales has been used to pay down debt, it added.

Arsenal said it cut its total net debt to 203.6 million pounds from 332.8 million a year ago.

The North London’s club reduction of its debt is in contrast to the experience of other Premiership clubs.

Arsenal said revenue in its football business rose to 100.2 million pounds from 98.4 million on higher UEFA Champions League broadcasting payments.

The club said it would consider investing future surplus cash in club projects and infrastructure both in and around the Emirates Stadium. (Reporting by Sarah Young; Editing by Matt Scuffham and Lorraine Turner) (USD $1=.6521 Pound)

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