South Korea's 2018 PyeongChang Winter Olympics generated a financial surplus of at least $55 million, the International Olympic Committee has said, citing the head of the PyeongChang Organizing Committee.

Lee Hee-beom made the announcement during his final report to the International Olympic Committee session in Buenos Aires.

"We congratulate the Organizing Committee of the Olympic Winter Games PyeongChang 2018 for the organization of outstanding Olympic Winter Games, which were extremely successful in all respects," IOC President Thomas Bach said in comments posted on the IOC website on Monday. "In recognition of these great achievements, the IOC will contribute its share of the surplus for the benefit of sport in Korea."

Any surplus from the organization of the Games is normally divided between the IOC, the Organizing Committee and the host National Olympic Committee for the benefit of sport and the Olympic Movement.

(Yonhap)