Disney profits plunge 46 per cent
Entertainment conglomerate Disney saw second quarter profits plunge by 46 percent.business Updated: May 06, 2009 12:36 IST
Entertainment conglomerate Disney saw second quarter profits plunge by 46 per cent, the company said on Tuesday.
Citing restructuring charges, declining DVD sales and a drop in advertising, Disney said it earned $613 million in the quarter compared to $1.13 billion a year ago.
Revenue fell 7 per cent to $8.1 billion from $8.71 billion in the year ago quarter. Disney's parks and resorts saw a 12 per cent drop in revenue, while the studio entertainment division saw sales down 21 per cent.
"We had a difficult second quarter due to the weak economy and other factors," Disney President and Chief Executive Robert Iger said in a statement. "At the same time, we remain focused on our core business strategy and believe our creativity, brands and businesses will serve us well as the economy recovers."