O2 Turns A Profit

London’s O2 arena swung into profit in its first full year of operations, making £15.6 million ($24.8 million) in 2008.

The AEG-owned arena posted a £9.7 million ($15.4 million) loss in 2007 but had been open for only six months. Revenue doubled to £53 million ($ 84.1 million) from £26.8 million ($42.53 million) in 2007.

AEG revealed the figures in a Companies House filing. The venue sold 2 million tickets in 2008 and hosted 140 events.

“We’re now looking ahead at an even better 2009 with 175 confirmed events and an enviable autumn calendar,” AEG chief exec for Europe David Campbell told BBC News.

The arena was to host Michael Jackson’s comeback concerts this summer but had to offer refunds after the singer’s death in June.