The Walt Disney Co. in Burbank near Los Angeles suffered a 46-percent drop in second-quarter profit, compared to the same quarter a year ago, the company announced on Tuesday.
The company attributed the drop to the economic crisis and financial restructuring charges.
The company reported diluted earnings of 33 cents per share for the quarter that ended March 28, a 43-percent drop from the 58 cents per share in the prior year‘s second quarter. Net income for the quarter fell to 613 million dollars, down from 1.13 billion in the quarter a year ago.
The per-share earnings included a 10-cent-per-share hit attributable to restructuring and impairment charges, the company reported.
"We had a difficult second quarter due to the weak economy and other factors," said Robert Iger, Disney‘s president and chief executive officer.
"At the same time, we remain focused on our core business strategy and believe our creativity, brands and businesses will serve us well as the economy recovers."
Meanwhile, the company reported a 21-percent drop in revenue in its studio entertainment division and a 12-percent drop in parks and resorts. (from eastday)