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Disney

Disney posts small profit rise – despite $190m Lone Ranger loss

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By John Glenday, Reporter

August 7, 2013 | 1 min read

Disney has reported a modest uptick in profits for the third quarter following a strong showing by its ABC and ESPN media networks and theme parks, offsetting a calamitous loss of up to $190m incurred by The Lone Ranger film.

The Jonny Depp vehicle saw operating income at Disney’s movie studio collapse by 36 per cent after its box office takings failed to recoup a vast marketing spend, although these losses are likely to be felt most keenly in fourth quarter results.

Overall the entertainment giant recorded net income of $1.85bn for the three months to July, up one per cent from a year earlier, with revenue rising four per cent to hit $11.58bn.

Robert A. Iger, Disney's chairman and chief executive, said in a statement: "We are pleased with the results we delivered in the third quarter. We are confident that our strategy of creating high-quality branded content positions us well for the future."

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