Thursday, May 12, 2011

2010 - Disney Profits down 9.9%, Sales down 4.1% due to EQ

Net profits of the Tokyo Disney Resort operator plunged 9.9 percent in fiscal 2010 to 22.9 billion yen ($286 million) due mainly to an extraordinary loss of 9.7 billion yen from the March 11 earthquake.
It was the first decline in net profits in three years for Oriental Land Co., which released its consolidated financial statement on May 6.

The company's sales fell 4.1 percent from the previous year to 356.1 billion yen.
After the March 11 Great East Japan Earthquake, Oriental Land temporarily closed Tokyo Disneyland and Tokyo DisneySea in Urayasu, Chiba Prefecture. The company's hotels were also forced to suspend operations.

Those measures cost Oriental land 5.3 billion yen, including wages it continued to pay its employees. It also spent 4.4 billion yen to repair facilities and dispose of merchandise.

The number of visitors to the resort decreased 1.8 percent from fiscal 2009, the company said.
Still, Oriental Land's operating profits surged 28 percent to 53.6 billion yen thanks to its cost-cutting measures and streamlining efforts. For example, it instructed restaurants and other eateries at the theme parks to use the same food materials.

The company's operating profits marked a record amount for the third straight year.

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