Disney's profit rises on parks, Oz movie

LOS ANGELES (REUTERS) - Media giant Walt Disney Co reported an increase in profit that beat Wall Street expectations, boosted by higher attendance at theme parks and the movie box office success of Oz The Great And Powerful. Net income increased 32 per cent from a year earlier to US$1.5 billion (S$1.8 billion) for January through March, Disney said on Tuesday.

Adjusted earnings per share rose 36 per cent to 79 US cents, beating Wall Street expectations of 77 US cents, according to Thomson Reuters I/B/E/S.

Revenue increased 10 per cent to US$10.6 billion. At the parks division, revenue gained 14 per cent and operating income climbed 73 per cent.

"Their parks were substantially better than expected," said Gabelli & Co analyst Brett Harriss.

Shares of the company that operates cable channels, a movie studio and theme parks were flat at US$66.17 in after-hours trading.