Rangers are enjoying a great domestic season, despite cost-cutting
Rangers have announced half-year profits of more than £13m, thanks mainly to Champions League involvement.
The club's turnover for the six months to December 2009 rose by £17.7m to £37.8m, with a reduced wage bill for players also contributing.
In the same period of 2008, Rangers made a loss of £3.9m.
However, the Ibrox club's debt stands at £31m and chairman Alastair Johnston warned that the "future outlook remains fraught with challenges".
Johnston also had a word of warning for those players seeking to extend their current deals with the Glasgow club.
Star striker Kris Boyd is among those who will be out of contract at the end of the season.
The board appreciates the understanding of Lloyds TSB Bank plc in supporting our initiatives to stabilise the club
Alastair Johnston Rangers chairman
Net operating costs decreased by £3.6m to £21m, reflecting savings made by an internal efficiency drive, including players' salaries.
And Johnston said: "Discussions continue on various contract extensions, although a balance has to be struck between value and player expectation."
Majority shareholder Sir David Murray, who relinquished his chairmanship and place on the board in August, has been looking to offload his 90% stake in the club.
With no buyer on the horizon, Johnston added: "When I assumed the chairman's role, I realised we had to take a short-term perspective on the business model that we needed to adopt for the financial year through to June 2010.
"The board appreciates the understanding of Lloyds TSB Bank plc in supporting our initiatives to stabilise the club without totally compromising the ability of the management team to field a competitive squad of players.
"We continue our efforts to source a capital injection into the club to fuel the ambitions of the staff, supporters and shareholders."
Rangers currently enjoy a 10-point lead in the championship race, are in the final of the Co-operative Insurance Cup and remain in the Scottish Cup.
The European campaign, which brought in some much-needed funds, ended in disappointment, with the Scottish champions yielding only two points from their six matches.
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