Euro Disney Says Loss Shrinks as Visitors, Hotel Stays Rise
PARIS — Euro Disney said its fiscal first-half loss narrowed as more guests visited Europe’s largest theme park and the company filled more hotel rooms.
The loss before one-time items shrank to $18 million in the six months ended March 31 from $27.6 million in the year-earlier period. Sales rose 4.2% to $372 million, the company said.
The company, 39% owned by Walt Disney Co., is adding attractions and developing land around the park to keep sales growth buoyant as it faces increasing royalty fees. Proving that ticket sales can keep rising in the busier summer months and after the opening of a second theme park in one year is key to Euro Disney’s prospects, analysts said.
Euro Disney shares rose 2.3% to 90 euro cents. They are worth less than a tenth of the 10.25 euros of their March 1992 peak.
The sales gain was driven equally by more theme park visits and an increase in stays in the company’s hotels.
Including one-time charges for buying back bonds and preparing to switch to the euro from the French franc, the company lost $21.4 million in its first half.
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