when is a profit not a profit? when it is an Olympic profit! the stars are my addition.
Costliest Olympics posts profit
From correspondents in Athens
May 13, 2005
From: Reuters
THE most expensive Olympic Games in history has posted a profit of more than 130 million euros ($215.84m), organisers said overnight.
The 2004 Athens Games cost more than 9 billion euros, but the organising committee said that with a budget of about 1.9b euros it had produced revenues of 2.09b euros, due to increased profits from TV rights, sponsors and ticket sales.
"We have succeeded in not only meeting the balanced budget but securing a surplus of more than 130.6m euros," it said in a statement.
The committee was not responsible for the construction of any sports complexes, access roads or the athletes' Olympic village, nor did it foot the 1b euro Games security bill.*
The committee said 123m euro from the profits had already been spent on a series of projects ahead of the Games, as agreed with the government, in a bid to speed up preparations.
The committee said it would post a final profit of about 7m euros in its balance sheet.
The overall cost of the Games severely burdened Greece's public finances and was a major factor as the country's budget deficit ballooning tomore than six per cent of GDP in 2004.