Euro Disney Net Loss Widens in First Half
Euro Disney Net Loss Widens in First Half
French theme-park operator Euro Disney SCA said Thursday its net loss more than tripled in its fiscal first half because of one-time restructuring gains a year earlier.
Euro Disney's net loss rose to 102 million euros ($126 million) in the six months ending March 31 from 29.8 million euros a year earlier.
The company, which operates the Disneyland and Walt Disney Studios parks in the Paris region, said its operating loss increased to 61.1 million euros ($75.9 million) from 51.2 million euros ($63.6 million) a year earlier, as revenue fell.
First-half revenue decreased 1.4 percent to 467 million euros ($581 million) from 474 million euros last year, as both theme park attendance and hotel occupancy were lower.
Spending per hotel room decreased due to the discounting of room rates for certain vacation packages, Euro Disney said.
Real estate revenue grew 60 percent from the prior year to 15.5 million euros ($19.3 million) because of increased land sales of residential property.
The group said it plans new attractions in the Walt Disney Studios Park from the beginning of the 2007 fiscal year to add to the appeal and capacity of Disneyland Resort Paris.
Euro Disney shares were nearly unchanged, to close at 0.10 euros (12 cents) in Paris trading.
Euro Disney Net Loss Widens in First Half
French theme-park operator Euro Disney SCA said Thursday its net loss more than tripled in its fiscal first half because of one-time restructuring gains a year earlier.
Euro Disney's net loss rose to 102 million euros ($126 million) in the six months ending March 31 from 29.8 million euros a year earlier.
The company, which operates the Disneyland and Walt Disney Studios parks in the Paris region, said its operating loss increased to 61.1 million euros ($75.9 million) from 51.2 million euros ($63.6 million) a year earlier, as revenue fell.
First-half revenue decreased 1.4 percent to 467 million euros ($581 million) from 474 million euros last year, as both theme park attendance and hotel occupancy were lower.
Spending per hotel room decreased due to the discounting of room rates for certain vacation packages, Euro Disney said.
Real estate revenue grew 60 percent from the prior year to 15.5 million euros ($19.3 million) because of increased land sales of residential property.
The group said it plans new attractions in the Walt Disney Studios Park from the beginning of the 2007 fiscal year to add to the appeal and capacity of Disneyland Resort Paris.
Euro Disney shares were nearly unchanged, to close at 0.10 euros (12 cents) in Paris trading.