Disney Q1 Profits Soar

DISNEY Q1 PROFITS SOAR: Walt Disney’s net income for the three months ending Jan. 1 rose from $844m to $1.3bn on revenue increases from $9.7bn to $10.7bn, thanks to a stronger advertising market, improved theme park attendance and global demand for Toy Story 3 merchandise. Apart from the recently dismantled interactive division, each of Disney’s business units increased profits. The media networks division, which includes ESPN, was the star performer with operating income up 47% to $1.1bn, thanks to higher advertising and affiliate revenue. Operating income at the U.S. and international parks rose 25% to $468m, driven by better hotel occupancy, increased guest spending and higher attendance. (2/8p)