Disney's 2Q net up 71%- Indiantelevision.com's Breaking News

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Indiantelevision.com's Breaking News

Disney's 2Q net up 71%

Indiantelevision.com Team

(13 May 2004 7:00 pm)

MUMBAI: Impressive revenue growth at its parks and resorts and studio entertainment businesses saw Walt Disney Co.'s fiscal second-quarter net income improving by 71 per cent.

The company posted net income of $537 million for the quarter ended March 31, compared with $314 million a year earlier. Disney's revenue rose 11 per cent to $7.19 billion from $6.5 billion.

Disney's studio entertainment unit raised its revenue by 16% to $2.16 billion, but operating income fell 26% to $153 million on the back of a disappointing box- office performance of films such as Cold Mountain, Hidalgo and Miracle. Still, higher DVD sales of films, including The Lion King 1 1/2, Finding Nemo, Pirates of the Caribbean helped Disney to sail through.

Parks and resorts revenue climbed 12% to $1.67 billion, as increased attendance at Disney's two domestic theme parks was partly offset by an increase in employee-benefit costs.

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