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Disney earnings hit by war & terrorism concerns.
(From FT Investor (Stories))
War and fear of terrorism took its expected toll on Walt Disney in the second quarter, shrinking net income by 12 per cent, and cutting operating earnings at its vulnerable theme parks division by 45 per cent.
Group earnings of 11 cents a share, down from 13 cent in the comparable part of last year, matched analysts' reduced expectations.
Revenues at the theme parks and resorts fell 3 per cent to $1.49bn, although attendance and hotel occupancy at its flagship sites in Florida - heavily dependent on long-haul visitors - both fell.
Earnings slumped to $155m from $280m.
Media networks, including the ABC broadcasting business and cable operations showed a 13 per cent rise in revenues, but operating profits fell 25 per cent from $309m to $232m.
While advertising income increased, ...
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