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Disney profits up despite mixed park results
Disney Parks and Resorts has reported a 3 per cent increase in revenues for the three months to 3 July.
The increase was offset by falls in attendance and hotel occupancy, resulting in the park division experiencing an 8 per cent fall in operating income.
The mixed results at its parks did not dampen the entertainment giant's third quarter results, however.
It announced a 40 per cent jump in overall profit thanks to its media networks seeing a 43 per cent increase in income - fuelled by the success of hit movies such as Toy Story 3 and Alice in Wonderland.
The group's net profit rose to $1.3bn (£820m), from $954m a year ago. Revenues rose 16 per cent to US$10bn.
Disney's president and chief executive officer, Robert A. Iger, said: "We're very pleased with our strong third quarter, in which we grew revenues substantially and improved profitability across the majority of our businesses.
"Our performance underscores the value of sticking to a smart strategy even in tough times, of investing in the right people, and of focusing relentlessly on quality and innovation to drive growth in shareholder value."
In a move that was seen as a sign that the sector was recovering, Disney last week increased the price of annual passes to Walt Disney World by US$10, while Magic Your Way and Park Hopper Tickets are also going up.
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