PDA

View Full Version : DisneySea Drags Oriental Land Co. Down


Sarangel
05-23-2001, 11:28 AM
Oriental Land Co. said annual profit fell 52 percent, pulled down by the cost of developing its DisneySea theme park due to open in September.

Group net income for the company's fiscal year ended March 31 fell to 4.7 billion yen ($38 million), or 47.34 yen a share, from 9.9 billion yen, or 98.99 yen a share, a year earlier. Sales rose 15 percent to 200 billion yen as the number of visitors reached a record in the second half.

Good weather and the September opening of Pooh's Hunny Hunt ride attracted visitors. Special events such as Christmas Fantasy in November and Disney's Party Express, started in January, also increased sales. Visitors to Tokyo Disneyland rose 4.8 percent to 17.3 million from 16.5 million the year before, and touched a record in the second half, the company said.

"New attractions lured visitors even before the opening of DisneySea,'' said Masaaki Kitami, an analyst at Daiwa Institute of Research Ltd., who rates the stock 'outperform.' "After DisneySea's opening, the number of visitors will jump,'' said Kitami.

Walt Disney Co.'s second park in Japan, built on the shores of Tokyo Bay, is based on myths and legends of the sea. It will be connected to the main park by a monorail. Oriental land expects the park to boost annual attendance to more than 25 million a year in two years.

The company pays royalties to Walt Disney Co., which licenses the operation of the theme park on the east side of Tokyo.
-------------------------------
Source: AOL News