Glasgow Rangers Football Club (GRFC) has posted an operating profit of £13.1m for the six months to 31 December 2009, compared with a loss of £8.9m in the same period for the previous year.

The Scottish Premier League club reported a turnover of £37.8m, helped by participation in the UEFA Champions League and strong performance in domestic competitions. In November 2009, GRFC was forced to deny it would need to sell players after posting a £31m loss for the year ending 30 June 2009, having failed to progress in European competitions during the 2008-09 season.

GRFC chair Alistair Johnson said: "These have been challenging times within the club and credit must go to [chief executive] Martin Bain and [manager] Walter Smith and their respective teams in maintaining performance, standards, and above all, the intrinsic value of the club over this period." The announcement comes days after city rivals Glasgow Celtic Football Club reported a 22.8 per cent fall in turnover during the six-month period due to poor performances on the pitch and commercial concerns affected by the recession.