Page last updated at 20:50 GMT, Thursday, 30 July 2009 21:50 UK

Weaker sales dent Disney profits

Mickey Mouse and friend
Disney reported a sharp decline in hotel bookings in its theme parks

Walt Disney has reported a fall in profits of more than a quarter as the downturn hit revenue at its film and theme park divisions.

Net profit between April and June came in at $954m (£579m), down 26% on the $1.28bn the entertainment giant made in the same period last year.

Revenues of $8.6bn were down 7% from the $9.2bn recorded a year ago.

The results failed to meet analysts' expectations and Disney shares fell in after hours trading by 3%.

Revenues at the Parks and Resorts division fell 9% to $2.8bn, while those at the Studio Entertainment division fell by 12% to $1.3bn.

The company said visitors were spending less at its theme parks, both in the US and in Paris, France.

Despite the market's reaction, Disney said it was heartened by the results.

"While a tough global economy impacted our performance in the quarter, we remain encouraged by the relative strength of our business," said Disney president Robert Iger.

Disney owns the ESPN and ABC television networks.



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