Media and entertainment giant Walt Disney has reported 18 per cent growth in net income at $895 million in the fourth quarter, boosted by strong performance of its network business, including cable channels ESPN and ABC family.
The company's media networks' revenue rose by 14 per cent to $4.72 billion during the fourth quarter. While operating income at Cable Networks increased 26 per cent to $1.48 billion on "growth at ESPN and at ABC Family," it said in a statement.
Walt Disney posted a net income of $895 million in the fourth quarter ended October 3, from $760 million in the same quarter ended September 27, 2008. Revenues rose to $9.86 billion in the fourth quarter from $9.44 billion in the same period last fiscal.
"Although last year was a difficult one due in part to the weak global economy, I am pleased with the way our businesses have responded to the downturn," President and CEO Robert A Iger said. Meanwhile, Walt Disney added that its senior Executive Vice-President and Chief Finance Officer Tom Staggs would swap roles with Jay Rasulo, Chairman of the group's parks and resorts division at the end of this year.
In his new position, Staggs would preside over the company's vacation business, which spans three continents and includes five-world class destinations, a top rated cruise line and the most popular resort locations in North America, Europe and Asia.
However, for the quarter, revenues from parks and resorts fell 4 per cent to $2.8 billion and segment operating income decreased 17 per cent to $344 million. Results for the quarter reflected decline at the company's domestic operations and at Disneyland Paris.
For the year ended October 3, the company's net income declined to $3.30 billion from $4.42 billion in the year-ago period. Revenues also decreased to $36.14 billion in the year-ended October 2009 from $37.84 billion last year.
