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Last Updated: Tuesday, 10 August, 2004, 23:31 GMT 00:31 UK
Cable channels lift Disney profit
Disney store
Disney says it is on target to deliver earnings growth
Entertainment giant Walt Disney has reported a rise in quarterly profits, boosted by its cable television channels and theme parks.

Net profits rose to $604m (303.6m) in the three months to 30 June, up from $502m at the same time last year.

The US firm said its sports channel ESPN and the children's Disney Channel helped drive up profits.

The company's Walt Disney World theme park, in Florida, saw increased summer admissions from tourists.

'Well positioned'

Disneyland, in California, also saw higher attendance and increased visitor spending.

The third-quarter earnings included a charge of $56m for the planned sale of its loss-making North American retail stores.

Disney chief executive Michael Eisner said: "The continued growth in our earnings this quarter, led by ESPN and our other cable networks, positions us well to deliver more than 50% growth in earnings for the year."

Mr Eisner has been under pressure from dissident shareholders - led by Roy Disney - who believe he has mismanaged the company.

Mr Eisner recently saw off a hostile bid from cable TV group Comcast.


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