Beijing Olympics smashes profit forecasts
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The 2008 Beijing Olympics pulled in an operating profit of CNY1.2 billion (US$176 million) – nearly three times earlier forecasts, the Shanghai Daily reported China’s National Audit Office as saying. The Paralympic Games, held a month later, broke even with CNY863 million in costs and revenue.
Officials added that nearly a year on the Games was still generating revenue, and that China will use the profits from the Olympics to boost the development of sports in the country.
In its report, the office praised the Beijing Organising Committee for the Olympics had fulfilled the government’s requirements for a clean and cost-effective event. No major misuses of money were found, and there were no major quality problems or work safety mishaps, the report said. The construction projects finished on schedule, and all passed quality checks.
Auditors did detect minor problems however, with a cost overrun on the National Stadium, or the ‘Bird’s Nest’.
Revenue for the Olympic Games came mainly from broadcast rights, sponsorships, merchandising and ticket sales. Expenses included CNY5 billion for broadcasting, accommodations, transport and medical services. The opening and closing ceremonies cost CNY831 million.
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