Walt Disney Results Jump to New Highs

Paced by big profit increases at its amusement parks, Walt Disney Co. reported record earnings for its second quarter and first six months.

The entertainment and real estate concern netted $51.8 million for the three months ended March 31, an increase of 48% from the year-earlier period, when it earned $35 million.

For the first half of its fiscal year, the company earned $86.5 million, a rise of nearly 29% over the $67.2 million in the year-earlier period.

Disney’s revenue also set records, rising 31% to $592.4 million in the second quarter and 25% to $1.1 billion for the half.

The Burbank-based concern’s theme parks in Anaheim and Lake Buena Vista, Fla., posted the biggest gains, with their profit soaring 116% to $360.2 million for the second period and 97% to $139.7 million for the half.

The company’s filmed entertainment division, which includes movies and television, had its operating profit decline 39% to $14.2 million for the quarter and 4.1% to $37.1 million for the half.

However, the company pointed out that its 1985 results included the profitable licensing of its hit movie “Splash” to the major pay-TV networks.

Disney’s real estate segments saw its operating income slip 57% for the second period and 62% for the half, while its consumer products unit saw its operating earnings rise 27% for the three months and 22% for the half.