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MENAFN - 09/11/2012

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(MENAFN) Walt Disney Co. CFO, Jay Rasulo, announced that the company's fourth-quarter net income jumped 14 percent to USD1.24 billion, compared with USD1.09 billion a year ago, reported AP.

The results were attributed to higher revenue boosted by a rise in consumer spending at Disney's theme parks and on its cruise ships.

In March, Disney launched the newest cruise ship, the Disney Fantasy, lifting the parks and resorts division; moreover, it opened a new section at Disney California Adventure called Cars Land in June.

Quarterly revenue reached USD10.78 billion, posting a gain of 3 percent from last year's same period; however, it missed analysts' forecasts of USD10.93 billion.

In the period, movie studio revenue declined as "Brave" failed to perform as "Cars 2" did in 2011, nevertheless, revenue at the firm's pay TV and broadcast networks rose 2 percent.

On the other hand, Hulu, Disney's online video service owned jointly with News Corp. and Comcast Corp reported bigger losses as a result of higher programming and marketing costs.

Disney's ad sales at ESPN were flat when compared to last year's same period, as viewers and advertisers turned their attention to NBC's Olympics coverage.

It is worth noting that recently, Disney announced that it would acquire Lucasfilm Ltd. for USD4.05 billion and revive the "Star Wars" franchise with a new trilogy, starting in 2015.

 






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