WORLD / Europe |
Euro Disney posts full year net loss of $113.4M(AP)Updated: 2006-11-08 17:00 PARIS - Resort and leisure company Euro Disney SCA posted a net loss Wednesday for the full year 2005-2006 of euro88.6 million (US$113.4 million), widening from a loss a year earlier of euro53.1 million. Costs and expenses for fiscal year 2006 increased 1.6 per cent to euro1.09 billion (US$1.39 billion) from euro1.07 billion, "largely due to increases in labor costs and business tax," the company said. There were also costs associated with the opening of a new ride, Buzz Lightyear Laser Blast. Revenues for the full year stood at euro1.09 billion (US$1.39 billion) from euro1.04 billion a year ago - up 4.5 per cent - while the operating margin was negative by euro2.4 million (US$3 million), compared with a negative operating margin of euro31.9 million a year ago. "We believe that our growth strategy is delivering its benefits as we remain focused on improving our margins, while continuing to provide our guests with a unique experience," Karl Holz, chairman and chief executive, said in the statement. "These efforts contributed to a 30 per cent improvement in our operating margin before depreciation and amortization," he added. Theme parks revenues increased 5.4 per cent to euro579.2 million (US$741 million), up from euro549.7 million in the prior year. The improvement was attributed mainly to increased attendance and average spending per guest on admission. Hotels and Disney Village revenues increased 4.2 per cent to euro412.2 million (US$527.6 million) from euro395.4 million a year ago, thanks to higher hotel occupancy. |
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