Euro Disney cuts loss, cautious about outlook

7th May 2013, Comments 0 comments

Euro Disney, the theme park and hotel group east of Paris, reduced its net loss in the first six months of its financial year after refinancing its debt, but was cautious about the outlook for the full year owing to the "difficult" economic climate.

In the six months to March, Euro Disney made a net loss of 89.1 million euros ($117.0 million) from a loss of 11.8 million euros in the same period of last year.

The group said that this reflected the benefits of the refinancing in 2012 and also an improvement operating performance.

In September, the parent group Walt Disney of the United States lent the company 1.3 billion euros at 4.0 percent and less than the rate of 5.1 percent being charged by banks.

The burden of financial charges fell by 12.6 million euros in the first half of the company's financial year.

Sales in the six months rose by 2.8 percent to 567.7 million euros.

Revenue from the tourist activities comprising the theme parks, hotels and retail outlets, rose by 1.8 percent to 561.1 million euros.

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© 2013 AFP

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