China: Olympics turned a profit

BEIJING, June 19 (UPI) -- A government auditor said Friday China made a $146 million profit by hosting the 2008 Summer Olympics.

The profit was not as high as Greece made in 2004, when the summer games hosted by Athens, took in an operating profit of $155 million, the China Daily reported.

Revenues from advertising deals, souvenirs and tickets for the Games were about $3 billion, the National Audit Office said. Expenses totaled more than $2.8 billion.

Auditors reported "no major irregular problems" occurred during the Games to upset the balance sheets.

Among the highest expenses, the opening and closing ceremonies for the Olympics cost about $121 million, the auditors said.