Disney profits rise 27 percent
May 9, 2007 - 10:45:03 AM
Los Angeles, May 9 - Media conglomerate The Walt Disney Co has reported a 27 percent increase in second-quarter profits, thanks to the surprise success of the movie 'Wild Hogs' and higher advertising rates at ABC television.
Disney, the second-largest media company in the US after Time Warner, reported Tuesday a net income of $931 million, or 44 cents per share, up from $733 million, or 37 cents per share, a year earlier. Revenue edged up just 1 percent to $8.07 billion.
'Wild Hogs', which earned $216 million at the worldwide box office, drove the movie unit to $235 million in operating profit, a 60 percent increase from a year earlier. The broadcast unit, which includes ABC television, saw profits up 33 percent to $212 million thanks to hit shows like 'Ugly Betty', 'Desperate Housewives' and 'Grey's Anatomy'.
'Disney's second-quarter results confirm the strength of our strategic vision and the quality of the management team that is executing on it,' Disney president and chief executive Robert Iger said in a statement.
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