Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Walt Disney Co    DIS

Delayed Quote. Delayed  - 05/27 10:00:27 pm
100.29 USD   +0.48%
01:23p Disney issues warning on IPR
11:21a Disney issues warning on IPR against Wanda
07:00a Disney issues warning on IPR against Wanda
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

The Walt Disney Company : Hong Kong Disneyland Fiscal 2012 Net Profit HK$109Mln, First Profit Since Opening

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/18/2013 | 09:46am CEST
  By Chester Yung 
 

HONG KONG--Hong Kong Disneyland finally turned a profit in 2012 after seven years in operation, fuelled by a jump in the number of visitors to the park.

Hong Kong Disneyland, which is 52%-owned by the Hong Kong government and 48%-owned by Walt Disney Co . (DIS), posted an annual net profit of 109 million Hong Kong dollars (US$14.06 million) for the fiscal year ended 29 September 2012, reversing a net loss of HK$237 million in the previous fiscal year.

The company said it owed the buoyant result to an increase in visitor numbers during the year to 6.7 million from 5.9 million the previous year. The percentage of visitors from China was steady at 45%, but local visitors rose to 33% from 31%.

The theme park has reported a net loss every year for the past seven years in operation, partly due to lower-than-expected visitor figures. Critics have pointed to its size--the smallest of Disney's theme parks--and a lack of attractions that appeal to its key China market as reasons for the company's lackluster performance.

In a bid to boost attendance, the Hong Kong government and Walt Disney Co. in 2009 signed an agreement to expand the theme park, with plans to add a number of major attractions by 2013.

But competition from the Shanghai Disneyland, slated to open by end-2015, could undermine efforts to expand the compact model in Hong Kong. A Hong Kong government spokesman said earlier the park's investors are discussing plans to build new hotels at the Disney resort, adding to the current two, in hopes of drawing more international tourist traffic.

Write to Chester Yung at chester.yung@wsj.com

(MORE TO FOLLOW) Dow Jones Newswires

02-18-13 0345ET

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on WALT DISNEY CO
01:23p Disney issues warning on IPR
11:21a Disney issues warning on IPR against Wanda
07:00a Disney issues warning on IPR against Wanda
06:59a Disney issues warning on IPR
05/27 Shanghai Disneyland no threat to HK
05/23 SEAWORLD ENTERTAINMENT : Pricing gets complicated at Disney, SeaWorld
05/19 THE WALT DISNEY COMPANY : Reports Second Quarter and Six Months Earnings for Fis..
05/19DJAmid Turmoil, Broadcasters Bring Back Old Favorites
05/17DJWALT DISNEY : ABC Turns to Comedies, Seeking Ratings Rebound
05/17 WALT DISNEY : Florida welcomes record number of tourists in first quarter
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials