Celtic have announced a net profit of £15.2m for the first half of the season.
Revenue decreased by 30% to £50m, mainly as a result of the club's failure to qualify for the Champions League group stages.
But the sale of Moussa Dembele to Lyon on the final day of August ensured a surplus of £17.6m in the transfer market.
Profit from trading fell from £23.7m to £6.2m compared with the same six-month period in 2017 but Dembele's £20m departure resulted in only a £2m deficit in total profits.
The club reported that cash in the bank at the turn of the year was #38.6m but they have since made seven January signings, three of which were loan deals, with free transfers from the United States.
Chairman Iain Bankier said in the club's interim report: "Entirely in line with our trading seasonality, we do not expect the same level of financial performance to be achieved during the second half of the financial year.
"This is due to participating in fewer home fixtures and receiving lower income from European competition.
"However, due to the positive first-half performance of football, media and merchandise sales, the expectation is to achieve a full-year profit after tax marginally above previously communicated market expectations, with year-end net cash at bank expected to be lower than December, reflecting the increased investment into football personnel."