Euro Disney Posts First Annual Profit
Mickey & Co. is making money, at last, in Europe.
For the first time in its history, Euro Disney, the company that operates Disneyland Paris, has reported an annual profit. Euro Disney said Wednesday it earned 114 million French francs, or $22.8 million, in fiscal 1995.
That’s a stark contrast to the 1.8 billion franc, or $366 million, loss it posted a year ago - and represents a faster recovery than expected.
“Our goal was to break even in 1996,” said Steve Burke, Euro Disney’s chief financial officer. “This comes a year ahead of schedule, which for us is very good. We’re now very confident we can build on this new base.”
In trading in Paris, however, Euro Disney stock fell to 14.20 francs, or $2.92, from 16.55 francs, or $3.41, on Tuesday amid concern that it still has high debts.