Vatican finance seems back

VATICAN CITY: The Vatican came out of the red to post a profit of almost ten million euros ($14.5 million) last year, officials said on Saturday.

After balancing its books the Holy See reported a surplus of 9.8 million euros in 2010 after three consecutive years of losses amid the financial crisis.

Details of the Holy See's accounts were released following a two-day meeting of the Council of Cardinals, responsible for overseeing the Vatican's balance sheet.

It showed income of 245,195,561 euros and expenditure of 235,347,437 euros.

In 2009 the Vatican reported losses of 4.1 million euros.

"The 2010 budget would seem to confirm the positive trend of the 2009 exercise.

Which had to absorb the negative effects resulting from the 2008 financial crisis," said a Holy See statement.

The Governorate of Vatican City State, an independent administration which runs the finances of the tiny state, headquarters of the Roman Catholic Church, registered a surplus of 21 million euros.

An increase in visitors to the Vatican museums and an upswing in financial markets were said to have contributed to the result.

Copyright AFP (Agence France-Presse), 2011