Rome cinema foundation in profit

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ROME -- The Fondazione Cinema per Roma -- the parent organization to the three-year-old RomaCinemaFest -- announced Monday that it had turned a profit of nearly 500,000 euros ($790,300) in 2007.

The group, which also sponsors cinema-related events in the Italian capital year-round, said between backing from some 170 sponsors, ticket sales, and other revenue sources, it had taken in 17.6 million euros ($27.8 million) compared to expenses of 17.1 million euros ($27 million). The resulting profit totaled 497,000 euros ($785,260), which will be rolled into this year's budget.

It is unusual for an organization such as the foundation to release its budget to the public, but foundation president Goffredo Bettini said the group decided to do so to illustrate its "attention to detail and transparency."

Bettini said the foundation's finishing the year in the black was a "testament to the economic equilibrium," which he said was one of the organization's priorities.

The RomaCinemaFest will take place this year Oct. 22-31.
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