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Big profit for Beijing Olympics

THE 2008 Beijing Olympics made more than 1 billion yuan (US$146.32 million) in operating profit and broke even on the Paralympics according to a report published today by the state's audit authority.

In the report, the National Audit Office said the organizer, the Beijing Organizing Committee for the Olympics, had worked to the central government's requirement to organize a clean and thrifty event by building a strict financial managing and supervising system.

No major misuses of money have been found. Nor had any accidents involving major quality problems or work safety occurred, the report said.

The construction projects went as scheduled and all passed quality checks.

The audit targeted the flow of finance to and from the organizing committee between September 2005 and March 2009, including construction and lotteries, the report said.

Based on the accounts on March 15, 2009 and taking the unpaid due income into account, revenue reached 20.5 billion yuan on March 15, 2009, 800 million yuan more than expected, and the cost was 19.3 billion yuan, slightly higher than planned. The profit was near 1.2 billion yuan.

Finance for the Paralympics Games was well balanced with the revenue and cost both coming to 863 million yuan.

Revenue for the Olympic Games mainly came from sales of marketing, tickets and television relay rights.

The construction costs included building 36 new or expanded game venues and 66 training bases in Beijing, Tianjin, Shanghai, Shenyang, Qinhuangdao and Qingdao.

The audit covered 93 of 102 projects, the report said.

Except for the Shenyang Olympic Sports Center project which is still being audited, the other 92 projects cost a total of 17.53 billion yuan.

The income included 3.505 billion yuan financed by the central government, 8.26 billion yuan by local governments, 1.08 billion yuan by overseas Chinese and 368 million yuan by the organizing committee. Three universities which had venues built on their campuses gave 386 million yuan. The remainder was financed by other means such as public offerings and bank loans.

The Olympic venues are still generating profits, the report said. They have become tourist attractions after the games, pulling more than 4 million visitors from home and abroad.


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