The web site of the Financial Times, FT.com is breaking even.

Of course, that’s an operating profit, not a net profit. Pearson has invested a staggering £200 million in this site. FT.com has struggled with changes in organization and business model since the beginning. It has evolved from a decentralized free site to an integrated paid site. Despite the subscription barrier on much of the site’s content, the number of people using the site has grown 30% to 3.5 million.

Meanwhile, the FT itself is losing money, which raises some question about whether the site, which gets its content free from its parent, can be said to be profitable.