Japan Disneyland firm Oriental reports profit fall
Thu Feb 9, 2006 5:16 AM ET
TOKYO, Feb 9 (Reuters) - Japan's Oriental Land Co. (4661.T: Quote, Profile, Research), operator of the Tokyo Disney resorts, reported a 9 percent decline in nine-month net profit on Thursday, reflecting a fall in visitor numbers, but it kept its full-year outlook.
The company said its net profit totalled 16.54 billion yen ($139.6 million) in the April-December period, against 18.19 billion yen a year earlier. The company also said it was hurt by increased costs from offering special events for longer periods.
For the year to March, Oriental Land stood by its net profit forecast of 14.4 billion yen, in line with a consensus projection in a poll of seven analysts by Reuters Estimates.
The full-year outlook is lower than nine-month earnings because the Tokyo Disney resorts -- Disneyland and the adjacent DisneySea -- usually draw fewer visitors in the colder months of the fourth quarter.
Sales rose 0.6 percent to 257.85 billion yen, helped by the addition of a new hotel.
Shares in Oriental Land, which has a licencing pact with Walt Disney Co. (DIS.N: Quote, Profile, Research), fell 8 percent in the nine months, underperforming a 28 percent rise in the Tokyo Stock Exchange's services sector subindex (.ISVCS.T: Quote, Profile, Research).
Prior to the announcement, the stock closed down 1.32 percent at 6,720 yen, while the subindex ended up 0.61 percent. The Nikkei average <.N225> gained 1.03 percent. ($1=118.49 yen)
Thu Feb 9, 2006 5:16 AM ET
TOKYO, Feb 9 (Reuters) - Japan's Oriental Land Co. (4661.T: Quote, Profile, Research), operator of the Tokyo Disney resorts, reported a 9 percent decline in nine-month net profit on Thursday, reflecting a fall in visitor numbers, but it kept its full-year outlook.
The company said its net profit totalled 16.54 billion yen ($139.6 million) in the April-December period, against 18.19 billion yen a year earlier. The company also said it was hurt by increased costs from offering special events for longer periods.
For the year to March, Oriental Land stood by its net profit forecast of 14.4 billion yen, in line with a consensus projection in a poll of seven analysts by Reuters Estimates.
The full-year outlook is lower than nine-month earnings because the Tokyo Disney resorts -- Disneyland and the adjacent DisneySea -- usually draw fewer visitors in the colder months of the fourth quarter.
Sales rose 0.6 percent to 257.85 billion yen, helped by the addition of a new hotel.
Shares in Oriental Land, which has a licencing pact with Walt Disney Co. (DIS.N: Quote, Profile, Research), fell 8 percent in the nine months, underperforming a 28 percent rise in the Tokyo Stock Exchange's services sector subindex (.ISVCS.T: Quote, Profile, Research).
Prior to the announcement, the stock closed down 1.32 percent at 6,720 yen, while the subindex ended up 0.61 percent. The Nikkei average <.N225> gained 1.03 percent. ($1=118.49 yen)