Solid movie slate boosts Disney profits

  • Business
  • Saturday, 22 Nov 2003

LOS ANGELES: A strong movie and home video slate and gains in its broadcast and cable TV networks have enabled The Walt Disney Co to turn in a fourth-quarter net profit that was more than double that of a year ago. 

For the three months ended Sept 30, the company reported a net income of US$415mil compared with the year-ago period’s US$175mil. Revenue rose 5% to US$7.01bil from US$6.66bil previously. 

Operating income at Disney’s movie studio surged to US$205mil in the latest quarter from US$75mil a year ago on a 9% rise in revenue to US$2.2bil. The strong numbers were due in large measure to the highly successful release of Pirates of the Caribbean, the Johnny Depp movie based on a Disney theme park ride, and the home video release of the Oscar-winning Chicago. 

Disney’s US theme parks, however, continued to be hit by declining attendance due to the war in Iraq and terrorism jitters. Revenue at the parks declined 1% to US$1.65bil and operating income fell 4% to US$225mil in the quarter. 

For the full year, Disney reported a net income of US$1.27bil compared with US$1.24bil for fiscal 2002. Revenue rose 7% to US$27.06bil from US$25.33bil the prior year. – AP  

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