HK Disneyland narrows loss, attendance rises slightly
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Hong Kong Disneyland narrowed its loss substantially in the fiscal year 2009 thanks to cost cutting and a slight rise in attendance, the theme park's full- year results showed Tuesday.
The first annual business review released by the theme park showed that in the 53-week fiscal year ended Oct. 3, 2009, it had 4.6 million visitors, up 2 percent over the previous fiscal year, which covered a period of 52 weeks.
The park had double digit growth in park attendance in the seven months ended April 2009, but the growth was partly offset by adverse impact of the influenza A/H1N1 since May and the global economic downturn.
"Nonetheless, Hong Kong Disneyland still managed to grow overall attendance by 2 percent year on year," it said.
The park recorded a net loss of 1.32 billion HK dollars (169.2 million U.S. dollars), 16.5 percent less than that of the previous fiscal year.
It also narrowed its loss before interest, taxes, depreciation and amortization (EBITDA) by 57 percent to 70 million HK dollars ( 9.0 million U.S. dollars). Revenues, from ticket sales, hotels as well as shops and restaurants, fell by 1.1 percent to 2.54 billion HK dollars (325.6 million U.S. dollars), while costs and expenses fell by 4.3 percent to 2.61 billion HK dollars (334.6 million U.S. dollars).
