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Disney delivers as park revenues increase
Profits at Disney's parks and resorts division continue to go up and up, with the operator reporting a buoyant start to the year, as net income surged more than 13 per cent for the last quarter to US$4.9bn (€4.1bn, £3.6bn).
Recording profits for the quarter of US$1bn (€841m, £736m) – an increase of 27 per cent year-on-year, the growth was attributed to increases at both its domestic and international parks and resorts. The international increase was due to growth at Disneyland Paris and higher occupied room nights and attendance at Hong Kong Disneyland Resort.
The increases, says Disney, benefited in part to "a shift in the timing of the Easter holiday” – boosting travel to the operator's theme parks and hotels. These results were partially offset by a decrease at Shanghai Disney Resort, which was driven by lower attendance, cost inflation and an unfavorable foreign currency impact.
"We're very pleased with our results in Q2, especially in our Parks and Resorts and Studio businesses," said Disney chair and CEO, Bob Iger.
"Our parks continue to drive growth through operational excellence and by effectively leveraging our extraordinary content and there's a lot more expansion underway in our Parks and Resorts around the world."
For the the quarter – Disney's second of the year – the company as a whole reported revenue of US$14.6bn (€12.3bn, £10.75bn), up 9 per cent, with net income at US$2.9bn (€2.4bn, £2.1bn) – a 23 per cent increase.