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LOS ANGELES - Walt Disney's quarterly profit more than doubled after strong results from its movie division, media networks and theme parks.
The results topped expectations but Disney shares, which hit their highest level since mid-2001 yesterday, fell 2.5 per cent to US$32.74 in after-hours trading.
Expectations for the company have risen in the year since Robert Iger took over and began an aggressive series of moves including buying Pixar Animation Studios, cutting production and staff at the film division and offering TV shows and movies for sale on the internet.
In the fiscal fourth quarter, studio entertainment posted the biggest rise in revenue of all units, growing 33 per cent to US$2 billion. Operating profit was US$214 million, compared with a US$313 million loss a year earlier.
In July, Disney cut about 20 per cent of its studio workforce and said it would halve movie output.
Disney reported a fourth-quarter net profit of US$782 million, or US36c a share, compared with US$379 million, or US19c a share, a year before.
Revenue rose 14 per cent to US$8.8 billion from US$7.7 billion in the same quarter a year ago.
- REUTERS
