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| Michael Eisner says Disney's business is
strong |
Walt Disney has delivered a better than expected 5% rise in quarterly
profits thanks to improved TV ratings and a strong showing from its theme
parks.
The media and entertainment giant saw pre-tax pre-exceptional profits
reach $723m (￡383m) in the three months to December, against $688m a year
ago.
Disney said ratings had recovered at its ABC television network while
cable sports channel ESPN performed well.
The company said it expected to achieve double digit earnings growth
this year.
Disney's first quarter performance exceeded market expectations as its
revenues increased from $8.5bn a year ago to $8.7bn.
Operating profit from broadcast businesses including ABC and ESPN rose
36% to $467m while income from theme parks including Disney World grew 11%
to $258m.
However, Disney's movie business - including Touchstone Pictures and
Miramax Films - fared less well, profits falling 27% to $333m.
Chief executive Michael Eisner described the
overall figures as "gratifying
".
"We remain confident in achieving double digit earnings growth in 2005,
thanks in part to the resurgence in ratings at ABC, the outstanding
performance of ESPN and the recovery at our theme parks, which exemplify
the strong and broad-based fundamentals of our company," he said.
Disney shares rose in electronic trading after Monday's market close.
"I think that the upside came most particularly from the cable
networks, and theme parks were not as compressed from weather-related
factors as we thought they might be," said Jeff Logsdon, an analyst with
Harris Nesbitt.
(BBC) | 
Updated: 2005-02-01 10:37