The 2006 Winter Olympics in Turin recorded a loss of about 25 million euros, Turin Games chief Valentino Castellani said in Lausanne of Switzerland on Thursday.

He said the figure represented about 2 percent of the Games' 1.2 billion euros budget and would be covered by the city of Turin.

"We are very satisfied with the result," Castellani told reporters in briefing the IOC Executive Board. "The budget is substantially balanced."

He said the deficit would be covered in kind not cash.

"This is on a material and not on a cash basis," Castellani said adding the final figure of the deficit would be announced in March with the submission of Turin's final budget.