Euro Disney triples net loss over last year

27th April 2006, Comments 0 comments

PARIS, April 27, 2006 (AFP) - Theme park operator Euro Disney reported a tripling in its net loss in the first half of its fiscal year to EUR 101.8 million (US $126 million) from the same period a year earlier.

PARIS, April 27, 2006 (AFP) - Theme park operator Euro Disney reported a tripling in its net loss in the first half of its fiscal year to EUR 101.8 million (US $126 million) from the same period a year earlier.

The company attributed the result in the six months to March 31 to the fact that Easter this year came after the reporting period. It also pointed to a 58.9-million-euro restructuring gain in the year-earlier figures.

Sales fell 1.4 percent to EUR 467.4 million, but theme park attendance and hotel occupancy have since recovered to prior-year levels following a "strong" Easter period, the company said.

"Due to a strong Easter vacation period in April, our results to date reflect stable revenues and good cost containment," Karl Holz, Euro Disney chairman, said in a statement.

"The local Ile de France traffic, including visitation from the Paris tourist market, has been challenging at certain times this year, possibly impacted by social unrest during key periods," he said.

France was rocked by violence in depressed suburbs around Paris and other cities last November when youths burned thousands of cars to protest joblessness and alleged police mistreatment.

Student and trade union groups then took to the streets in March and early April to denounce a controversial youth employment bill, which the government eventually withdrew. Several of the gatherings ended in violent clashes between police and small pockets of demonstrators.

Holz said that with the April 8 opening of the Buzz Lightyear Laser Blast attraction, the company is working to attract more local visitors to the park — located east of Paris — in the critical summer season, while continuing to target increased visitation from all of its markets.

Copyright AFP

Subject: French news

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