Disney Net Income Up 54 Percent

BURBANK: With Q1 revenues up 10 percent to $10.7 billion, The Walt Disney Company recorded a net profit for the period of $1.3 billion, a 54-percent hike on first quarter 2010.

“We had an excellent first quarter, driven by strong creative content and our unique ability to leverage great entertainment across the many platforms, businesses and markets in which we operate,” said Robert A. Iger, president and CEO. “With net income up 54 percent, it’s a great start to a new fiscal year.”

Media networks revenues for the period rose 11 percent to $4.6 billion, for an overall segment operating income of $1.07 billion, a 47-percent increase. The cable networks had revenues of $3.07 billion, a 16-percent gain, delivering a profit of $771 million, which was up 42 percent. Broadcasting revenues rose just 4 percent to $1.6 billion, but profit rose 64 percent to $295 million.

Studio entertainment revenues, meanwhile, were stable at $1.9 billion, while operating income rose 54 percent to $375 million.

Parks and resorts revenues for the quarter increased 8 percent to $2.9 billion and segment operating income increased 25 percent to $468 million. Consumer products revenues for the quarter increased 24 percent to $922 million and segment operating income increased 28 percent to $312 million. Interactive media revenues were up 58 percent to $349 million, but the division posted a wider loss of $13 million.